Arrow Electronics (ARW) Lifted to Neutral at Citigroup

Citigroup upgraded shares of Arrow Electronics (NYSE:ARW) from a sell rating to a neutral rating in a research note issued to investors on Friday, MarketBeat reports.

Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Arrow Electronics from a hold rating to a buy rating and set a $86.00 target price for the company in a research report on Tuesday, July 17th. Wells Fargo & Co began coverage on shares of Arrow Electronics in a research report on Tuesday, July 17th. They set an outperform rating and a $90.00 target price for the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $88.17.

Shares of Arrow Electronics stock opened at $64.86 on Friday. Arrow Electronics has a 1 year low of $64.04 and a 1 year high of $87.26. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 8.58, a P/E/G ratio of 0.78 and a beta of 1.12. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.69 and a quick ratio of 1.17.

Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, August 2nd. The technology company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.05. Arrow Electronics had a net margin of 1.72% and a return on equity of 14.81%. The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.25 billion. During the same period in the previous year, the business posted $1.78 earnings per share. Arrow Electronics’s revenue for the quarter was up 15.1% on a year-over-year basis. Equities research analysts predict that Arrow Electronics will post 8.87 earnings per share for the current fiscal year.

In other Arrow Electronics news, insider Vincent P. Melvin sold 2,000 shares of Arrow Electronics stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $78.10, for a total transaction of $156,200.00. Following the transaction, the insider now directly owns 16,371 shares of the company’s stock, valued at $1,278,575.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Gretchen Zech sold 4,500 shares of Arrow Electronics stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $77.00, for a total transaction of $346,500.00. Following the transaction, the senior vice president now directly owns 21,814 shares in the company, valued at $1,679,678. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Qube Research & Technologies Ltd purchased a new position in shares of Arrow Electronics during the second quarter worth approximately $103,000. ELM Advisors LLC purchased a new position in shares of Arrow Electronics during the third quarter worth approximately $109,000. Cerebellum GP LLC purchased a new position in shares of Arrow Electronics during the third quarter worth approximately $168,000. GWM Advisors LLC purchased a new position in shares of Arrow Electronics during the second quarter worth approximately $200,000. Finally, UMB Bank N A MO purchased a new position in shares of Arrow Electronics during the second quarter worth approximately $202,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Arrow Electronics Company Profile

Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.

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