Arrow Electronics (ARW) Raised to Buy at Zacks Investment Research

Arrow Electronics (NYSE:ARW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $91.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.00% from the company’s previous close.

According to Zacks, “Arrow Electronics reported better-than-expected results for fourth-quarter 2017. The figures also came above the mid-point of the company’s guidance ranges and marked year-over-year improvement. Moreover, the electronic component distributor provided an optimistic guidance for first-quarter 2018. We believe that the company’s core strength in providing best-in-class services and easy-to-acquire technologies should drive growth in the long run. Moreover, the company has secured a significant market share through a broad portfolio of products and services, and continued efforts to maximize consumer satisfaction. Additionally, incremental sales from strategic acquisitions and partnerships are expected to boost the top line. However, an uncertain economic environment, high debt burden and competition remain the concerns. Notably, the stock has outperformed the industry in the last one year.”

Other research analysts have also issued research reports about the company. Pivotal Research assumed coverage on Arrow Electronics in a report on Tuesday, February 13th. They set a “buy” rating and a $98.00 price objective on the stock. Raymond James Financial raised Arrow Electronics from a “market perform” rating to a “strong-buy” rating and set a $93.00 price objective on the stock in a report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Arrow Electronics presently has an average rating of “Buy” and a consensus target price of $89.80.

Arrow Electronics (ARW) opened at $81.25 on Friday. Arrow Electronics has a twelve month low of $69.67 and a twelve month high of $87.26. The firm has a market capitalization of $7,138.68, a price-to-earnings ratio of 18.18, a P/E/G ratio of 0.95 and a beta of 1.17. The company has a current ratio of 1.56, a quick ratio of 1.15 and a debt-to-equity ratio of 0.59.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Tuesday, February 6th. The technology company reported $2.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.21. Arrow Electronics had a return on equity of 14.12% and a net margin of 1.50%. The firm had revenue of $7.63 billion for the quarter, compared to analyst estimates of $7.46 billion. During the same quarter in the prior year, the company posted $2.00 earnings per share. Arrow Electronics’s quarterly revenue was up 18.5% on a year-over-year basis. analysts expect that Arrow Electronics will post 8.47 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB grew its holdings in Arrow Electronics by 5.6% in the fourth quarter. Xact Kapitalforvaltning AB now owns 18,719 shares of the technology company’s stock valued at $1,505,000 after purchasing an additional 1,001 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Arrow Electronics by 2.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 42,275 shares of the technology company’s stock valued at $3,399,000 after purchasing an additional 987 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its holdings in Arrow Electronics by 26.9% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 75,100 shares of the technology company’s stock valued at $6,039,000 after purchasing an additional 15,900 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in Arrow Electronics in the fourth quarter valued at $4,476,000. Finally, Gotham Asset Management LLC acquired a new stake in Arrow Electronics in the fourth quarter valued at $538,000. 91.52% of the stock is currently owned by institutional investors.

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Arrow Electronics Company Profile

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 various electronic components and enterprise computing solutions suppliers.

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