Arrow Electronics (NYSE:ARW) Given New $110.00 Price Target at Bank of America

Arrow Electronics (NYSE:ARW) had its price target lifted by Bank of America from $105.00 to $110.00 in a research report report published on Monday,Benzinga reports. The firm currently has an underperform rating on the technology company’s stock.

Arrow Electronics Stock Performance

Shares of Arrow Electronics stock opened at $123.41 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.46 and a quick ratio of 1.08. The firm has a 50 day simple moving average of $111.44 and a 200 day simple moving average of $112.23. Arrow Electronics has a fifty-two week low of $86.50 and a fifty-two week high of $137.80. The firm 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 released its earnings results on Thursday, May 1st. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.47 by $0.33. Arrow Electronics had a return on equity of 9.69% and a net margin of 1.40%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.32 billion. During the same period last year, the firm earned $2.41 EPS. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. Sell-side analysts predict that Arrow Electronics will post 10.57 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Meixler Investment Management Ltd. raised its stake in Arrow Electronics by 2.6% in the 4th quarter. Meixler Investment Management Ltd. now owns 3,421 shares of the technology company’s stock worth $387,000 after purchasing an additional 88 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Arrow Electronics by 1.9% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 4,766 shares of the technology company’s stock worth $539,000 after acquiring an additional 89 shares during the period. Ironwood Investment Management LLC increased its stake in Arrow Electronics by 0.4% during the 4th quarter. Ironwood Investment Management LLC now owns 22,545 shares of the technology company’s stock worth $2,550,000 after acquiring an additional 100 shares during the period. Beverly Hills Private Wealth LLC raised its holdings in Arrow Electronics by 4.2% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 2,643 shares of the technology company’s stock valued at $274,000 after acquiring an additional 106 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Arrow Electronics by 24.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 568 shares of the technology company’s stock valued at $64,000 after acquiring an additional 112 shares during the period. Institutional investors own 99.34% of the company’s stock.

Arrow Electronics Company Profile

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.