Arrow Electronics (NYSE:ARW) Shares Gap Up on Earnings Beat

Arrow Electronics, Inc. (NYSE:ARW) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $123.69, but opened at $131.70. Arrow Electronics shares last traded at $124.76, with a volume of 235,106 shares trading hands.

The technology company reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.62. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The company had revenue of $6.89 billion for the quarter, compared to analysts’ expectations of $6.52 billion. During the same quarter last year, the company earned $4.37 earnings per share. The firm’s revenue for the quarter was down 19.0% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ARW. Raymond James raised their target price on shares of Arrow Electronics from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. Wells Fargo & Company raised their target price on shares of Arrow Electronics from $100.00 to $110.00 and gave the stock an “underweight” rating in a research report on Friday. Truist Financial raised their target price on shares of Arrow Electronics from $124.00 to $141.00 and gave the stock a “hold” rating in a research report on Friday. Finally, The Goldman Sachs Group raised their target price on shares of Arrow Electronics from $116.00 to $132.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $134.20.

Insider Activity at Arrow Electronics

In related news, Director Gail Hamilton sold 2,987 shares of Arrow Electronics stock in a transaction on Monday, May 20th. The shares were sold at an average price of $132.59, for a total value of $396,046.33. Following the transaction, the director now directly owns 102 shares in the company, valued at approximately $13,524.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Andrew Charles Kerin sold 1,520 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $131.66, for a total transaction of $200,123.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gail Hamilton sold 2,987 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $132.59, for a total transaction of $396,046.33. Following the transaction, the director now directly owns 102 shares in the company, valued at $13,524.18. The disclosure for this sale can be found here. Insiders have sold a total of 5,976 shares of company stock worth $788,183 in the last three months. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Arrow Electronics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Greenhaven Associates Inc. boosted its position in shares of Arrow Electronics by 1.7% in the 2nd quarter. Greenhaven Associates Inc. now owns 1,882,880 shares of the technology company’s stock worth $227,377,000 after buying an additional 32,052 shares in the last quarter. Cooke & Bieler LP boosted its position in shares of Arrow Electronics by 3.1% in the 2nd quarter. Cooke & Bieler LP now owns 1,877,460 shares of the technology company’s stock worth $226,722,000 after buying an additional 56,781 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Arrow Electronics by 7.4% in the 1st quarter. Earnest Partners LLC now owns 1,374,525 shares of the technology company’s stock worth $177,946,000 after buying an additional 95,285 shares in the last quarter. Lyrical Asset Management LP boosted its position in shares of Arrow Electronics by 0.4% in the 4th quarter. Lyrical Asset Management LP now owns 1,095,749 shares of the technology company’s stock worth $133,955,000 after buying an additional 4,273 shares in the last quarter. Finally, Boston Partners boosted its position in shares of Arrow Electronics by 108.5% in the 1st quarter. Boston Partners now owns 1,001,443 shares of the technology company’s stock worth $129,622,000 after buying an additional 521,117 shares in the last quarter. 99.34% of the stock is owned by institutional investors and hedge funds.

Arrow Electronics Stock Down 2.5 %

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.07 and a current ratio of 1.48. The firm’s 50-day moving average is $125.43 and its 200 day moving average is $122.88. The firm has a market capitalization of $6.69 billion, a PE ratio of 9.89 and a beta of 1.27.

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.