Published On: Tue, Sep 20th, 2016

Arrow Electronics Inc. (ARW) Downgraded by Goldman Sachs Group Inc. to “Neutral”

Arrow Electronics Inc. (NYSE:ARW) was downgraded by investment analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a report issued on Tuesday, StockTargetPrices.com reports. They presently have a $63.00 price objective on the stock, down from their previous price objective of $72.00. Goldman Sachs Group Inc.’s price target points to a potential downside of 1.52% from the company’s current price.
A number of other brokerages also recently issued reports on ARW. SunTrust Banks Inc. reissued a “buy” rating on shares of Arrow Electronics in a report on Saturday, June 25th. Zacks Investment Research raised shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a report on Tuesday, July 5th. Citigroup Inc. increased their price target on shares of Arrow Electronics from $48.00 to $57.00 and gave the stock a “sell” rating in a report on Wednesday, August 3rd. Finally, Brean Capital set a $70.00 price target on shares of Arrow Electronics and gave the stock a “buy” rating in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $63.33.

Shares of Arrow Electronics (NYSE:ARW) opened at 63.97 on Tuesday. The firm’s 50-day moving average is $65.05 and its 200-day moving average is $63.79. Arrow Electronics has a 12-month low of $45.23 and a 12-month high of $68.07. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 11.79 and a beta of 1.48.

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Arrow Electronics (NYSE:ARW) last issued its earnings results on Tuesday, August 2nd. The company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.01. The firm earned $5.97 billion during the quarter, compared to analyst estimates of $6.04 billion. Arrow Electronics had a net margin of 2.13% and a return on equity of 13.94%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the business earned $1.54 earnings per share. On average, equities analysts predict that Arrow Electronics will post $6.65 EPS for the current year.
In related news, General Counsel Gregory Tarpinian sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $66.40, for a total value of $66,400.00. Following the sale, the general counsel now directly owns 6,099 shares of the company’s stock, valued at $404,973.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vincent P. Melvin sold 2,531 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $66.39, for a total transaction of $168,033.09. Following the completion of the sale, the insider now directly owns 17,149 shares in the company, valued at $1,138,522.11. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ARW. Vanguard Group Inc. increased its position in Arrow Electronics by 4.2% in the second quarter. Vanguard Group Inc. now owns 6,978,768 shares of the company’s stock valued at $431,986,000 after buying an additional 280,549 shares during the period. Wellington Management Group LLP increased its position in Arrow Electronics by 0.9% in the first quarter. Wellington Management Group LLP now owns 5,858,273 shares of the company’s stock valued at $377,331,000 after buying an additional 53,726 shares during the period. Boston Partners increased its position in Arrow Electronics by 6.6% in the second quarter. Boston Partners now owns 5,826,500 shares of the company’s stock valued at $360,660,000 after buying an additional 358,680 shares during the period. State Street Corp increased its position in Arrow Electronics by 2.2% in the second quarter. State Street Corp now owns 3,445,794 shares of the company’s stock valued at $213,297,000 after buying an additional 74,361 shares during the period. Finally, BlackRock Fund Advisors increased its position in Arrow Electronics by 4.2% in the second quarter. BlackRock Fund Advisors now owns 3,182,578 shares of the company’s stock valued at $197,002,000 after buying an additional 129,487 shares during the period. 93.73% of the stock is currently owned by hedge funds and other institutional investors.
About Arrow Electronics
Arrow Electronics, Inc is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from electronic components and enterprise computing solutions suppliers, coupled with a range of services, solutions and tools for industrial and commercial customers.

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