Arrow Electronics (NYSE:ARW) Price Target Raised to $110.00

Arrow Electronics (NYSE:ARW) had its price objective boosted by Bank of America from $105.00 to $110.00 in a research note released on Monday,Benzinga reports. Bank of America currently has an underperform rating on the technology company’s stock.

Arrow Electronics Stock Up 1.2%

Shares of ARW opened at $123.41 on Monday. The firm has a 50 day simple moving average of $111.44 and a two-hundred day simple moving average of $112.23. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.46 and a quick ratio of 1.08. Arrow Electronics has a one year low of $86.50 and a one year high of $137.80. The company has a market cap of $6.40 billion, a P/E ratio of 16.95, a P/E/G ratio of 0.52 and a beta of 1.09.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.33. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.32 billion. Arrow Electronics had a return on equity of 9.69% and a net margin of 1.40%. Arrow Electronics’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.41 EPS. Research analysts forecast that Arrow Electronics will post 10.57 EPS for the current fiscal year.

Insider Transactions at Arrow Electronics

In related news, insider Eric Nowak sold 4,952 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $122.39, for a total value of $606,075.28. Following the completion of the transaction, the insider now owns 43,895 shares in the company, valued at $5,372,309.05. This trade represents a 10.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William F. Austen bought 1,900 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $104.12 per share, for a total transaction of $197,828.00. Following the completion of the transaction, the director now owns 7,858 shares in the company, valued at $818,174.96. This trade represents a 31.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Arrow Electronics

Several large investors have recently modified their holdings of ARW. Choreo LLC bought a new position in Arrow Electronics during the 4th quarter worth $422,000. Empowered Funds LLC increased its position in Arrow Electronics by 5.6% during the 4th quarter. Empowered Funds LLC now owns 28,926 shares of the technology company’s stock valued at $3,272,000 after purchasing an additional 1,529 shares during the period. Polaris Capital Management LLC raised its holdings in Arrow Electronics by 1.1% during the 4th quarter. Polaris Capital Management LLC now owns 261,203 shares of the technology company’s stock worth $29,547,000 after purchasing an additional 2,800 shares during the last quarter. Quent Capital LLC lifted its position in shares of Arrow Electronics by 45.1% in the 4th quarter. Quent Capital LLC now owns 1,246 shares of the technology company’s stock worth $141,000 after purchasing an additional 387 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Arrow Electronics by 14.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,343 shares of the technology company’s stock valued at $929,000 after purchasing an additional 1,030 shares during the last quarter. Institutional investors own 99.34% of the company’s stock.

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 the Asia Pacific. The company operates in two segments, Global Components and Global Enterprise Computing Solutions.