Arrow Electronics (NYSE:ARW) Announces Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Arrow Electronics (NYSE:ARWGet Rating) posted its quarterly earnings data on Thursday. The technology company reported $5.78 EPS for the quarter, topping the consensus estimate of $5.57 by $0.21, Briefing.com reports. Arrow Electronics had a net margin of 3.60% and a return on equity of 24.40%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.40 billion. During the same quarter in the previous year, the firm posted $3.34 earnings per share. Arrow Electronics’s quarterly revenue was up 10.5% on a year-over-year basis. Arrow Electronics updated its Q3 guidance to $5.27-5.43 EPS and its Q3 2022 guidance to $5.27-$5.43 EPS.

Arrow Electronics Stock Down 2.8 %

Shares of NYSE ARW traded down $3.34 during midday trading on Friday, hitting $115.77. The stock had a trading volume of 760,121 shares, compared to its average volume of 566,771. The business’s 50 day moving average is $116.29 and its 200-day moving average is $119.23. The company has a market cap of $7.65 billion, a P/E ratio of 6.50, a PEG ratio of 1.88 and a beta of 1.35. Arrow Electronics has a 52 week low of $105.33 and a 52 week high of $137.95. The company has a quick ratio of 1.06, a current ratio of 1.49 and a debt-to-equity ratio of 0.51.

Analyst Upgrades and Downgrades

Several research firms recently commented on ARW. The Goldman Sachs Group dropped their price objective on shares of Arrow Electronics from $158.00 to $127.00 in a research note on Friday, July 15th. StockNews.com lowered shares of Arrow Electronics from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 18th. Finally, Truist Financial dropped their target price on shares of Arrow Electronics from $143.00 to $126.00 and set a “hold” rating on the stock in a research note on Friday, April 8th.

Insider Transactions at Arrow Electronics

In related news, SVP Vincent P. Melvin sold 5,334 shares of the stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $122.26, for a total transaction of $652,134.84. Following the transaction, the senior vice president now owns 25,381 shares in the company, valued at $3,103,081.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Andrew Charles Kerin sold 1,550 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $125.11, for a total transaction of $193,920.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Vincent P. Melvin sold 5,334 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $122.26, for a total transaction of $652,134.84. Following the sale, the senior vice president now directly owns 25,381 shares of the company’s stock, valued at $3,103,081.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,475 shares of company stock worth $3,648,254. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Arrow Electronics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARW. Panagora Asset Management Inc. increased its holdings in Arrow Electronics by 12.3% during the first quarter. Panagora Asset Management Inc. now owns 3,478 shares of the technology company’s stock valued at $413,000 after buying an additional 380 shares during the last quarter. Blair William & Co. IL purchased a new stake in Arrow Electronics during the first quarter valued at approximately $273,000. Prudential PLC purchased a new stake in Arrow Electronics during the first quarter valued at approximately $302,000. Cetera Investment Advisers purchased a new stake in Arrow Electronics during the first quarter valued at approximately $275,000. Finally, Brown Brothers Harriman & Co. purchased a new stake in Arrow Electronics during the first quarter valued at approximately $52,000. 93.38% of the stock is owned by hedge funds and other institutional investors.

Arrow Electronics Company Profile

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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.

See Also

Earnings History for Arrow Electronics (NYSE:ARW)

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