Bank of America Forecasts Strong Price Appreciation for Arrow Electronics (NYSE:ARW) Stock

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

Arrow Electronics Price Performance

ARW opened at $124.47 on Monday. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 0.52 and a beta of 1.09. Arrow Electronics has a fifty-two week low of $86.50 and a fifty-two week high of $137.80. The company’s 50-day moving average price is $112.67 and its 200 day moving average price is $112.40. The company has a quick ratio of 1.08, a current ratio of 1.46 and a debt-to-equity ratio of 0.48.

Arrow Electronics (NYSE:ARW) last released 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 firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.32 billion. Arrow Electronics had a net margin of 1.40% and a return on equity of 9.69%. Arrow Electronics’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.41 earnings per share. As a group, sell-side analysts expect that Arrow Electronics will post 10.57 earnings per share for the current year.

Insiders Place Their Bets

In other Arrow Electronics news, insider Eric Nowak sold 4,952 shares of the company’s 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 completion of the transaction, the insider now owns 43,895 shares in the company, valued at approximately $5,372,309.05. This represents a 10.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gail Hamilton sold 1,458 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $122.39, for a total transaction of $178,444.62. Following the completion of the transaction, the director now owns 101 shares of the company’s stock, valued at approximately $12,361.39. This trade represents a 93.52% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARW. BOK Financial Private Wealth Inc. bought a new position in shares of Arrow Electronics in the fourth quarter valued at approximately $25,000. Brown Brothers Harriman & Co. bought a new position in shares of Arrow Electronics in the fourth quarter valued at approximately $31,000. Operose Advisors LLC bought a new position in shares of Arrow Electronics in the first quarter valued at approximately $31,000. Geneos Wealth Management Inc. boosted its holdings in shares of Arrow Electronics by 68.1% in the first quarter. Geneos Wealth Management Inc. now owns 353 shares of the technology company’s stock valued at $37,000 after acquiring an additional 143 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Arrow Electronics by 111.7% in the first quarter. Golden State Wealth Management LLC now owns 379 shares of the technology company’s stock valued at $39,000 after acquiring an additional 200 shares in the last quarter. 99.34% of the stock is currently owned by institutional investors.

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.