Arrow Electronics (NYSE: ARW) upgraded by Zacks Investment Research to “buy”
Arrow Electronics (NYSE: ARW) has been improved by Zacks investment research from a “keep” note to a “buy” note in a report published on Tuesday, Zacks.com reports. The company currently has a price target of $ 124.00 on shares of the tech company. Zacks investment researchThe stock price target suggests a potential rise of 5.17% from the current stock price.
According to Zacks, “Arrow’s second quarter results reflect strong demand for software, cloud and security solutions, as well as effective supply chain management. The strong performance of Global Components in Asia-Pacific provided a strong boost to sales. , next-generation hardware and hybrid cloud architectures are also encouraging. The continued focus on building IoT capacity helps it expand into new markets and gain customers. The core strength of Arrow, which is providing top-notch services and easy-to-acquire technologies, supports its growth in the future. However, a heavily indebted balance sheet is disheartening. In addition, currency headwinds are a risk as the majority of income comes from outside the US Increasing competition is also a concern. Additionally, the stock has underperformed the industry in the past year. “
ARW traded at $ 0.54 on Tuesday, reaching $ 117.90. The company’s shares had a trading volume of 2,146 shares, compared to its average volume of 491,089. The company has a 50-day simple moving average of $ 115.63. The company has a quick ratio of 1.04, a current ratio of 1.44, and a debt ratio of 0.36. The company has a market cap of $ 8.70 billion, a P / E ratio of 10.56, a price / earnings-growth ratio of 0.50, and a beta of 1.54. Arrow Electronics has a 52-week low of $ 54.02 and a 52-week high of $ 124.76.
Arrow Electronics (NYSE: ARW) last released its quarterly results on Thursday, August 5. The tech company reported earnings per share of $ 3.34 for the quarter, beating Thomson Reuters consensus estimate of $ 2.96 by $ 0.38. The company posted revenue of $ 8.56 billion in the quarter, compared to a consensus estimate of $ 8.55 billion. Arrow Electronics recorded a return on equity of 17.03% and a net margin of 2.60%. The company’s revenue for the quarter increased 29.6% year-over-year. During the same period last year, the company made earnings per share of $ 1.59. On average, research analysts predict that Arrow Electronics will post 11.91 EPS for the current year.
Separately, CEO Michael J. Long sold 55,638 shares of the company in a transaction dated Thursday, May 20. The stock was sold for an average price of $ 120.59, for a total trade of $ 6,709,386.42. As a result of the sale, the CEO now directly owns 126,826 shares of the company, valued at approximately $ 15,293,947.34. The sale was disclosed in a document filed with the SEC, which can be accessed via this link. Also, director Andrew Charles Kerin sold 7,348 shares of Arrow Electronics in a transaction that took place on Wednesday, May 26. The stock was sold for an average price of $ 122.28, for a total value of $ 898,513.44. Disclosure of this sale can be found here. During the last quarter, insiders sold 67,386 shares of the company valued at $ 8,128,058. 1.10% of the shares are currently owned by insiders of the company.
A number of large investors have recently increased or reduced their holdings in ARW. Rockefeller Capital Management LP strengthened its position in Arrow Electronics by 303.3% during the 2nd quarter. Rockefeller Capital Management LP now owns 246 shares of the tech company valued at $ 27,000 after acquiring 185 additional shares during the period. WINTON GROUP Ltd increased its position in Arrow Electronics shares by 34.2% in the second quarter. WINTON GROUP Ltd. now owns 6,275 shares of the technology company valued at $ 714,000 after purchasing an additional 1,599 shares during the period. Jupiter Asset Management Ltd. acquired a new position in Arrow Electronics during the second quarter valued at $ 14,053,000. O Shaughnessy Asset Management LLC increased its position in Arrow Electronics by 22.2% in the second quarter. O Shaughnessy Asset Management LLC now owns 10,261 shares of the tech company valued at $ 1,168,000 after purchasing an additional 1,863 shares during the period. Finally, Affinity Investment Advisors LLC purchased a new position in Arrow Electronics in the second quarter for a value of approximately $ 324,000. Institutional investors and hedge funds hold 87.48% of the company’s shares.
About Arrow Electronics
Arrow Electronics, Inc provides products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The company operates in two segments, Global Components and Global Enterprise Computing Solutions.
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