Arrow Electronics, Inc. (NYSE:ARW) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 2,341,000 shares, a decrease of 5.3% from the June 30th total of 2,471,300 shares. Approximately 2.8% of the company’s stock are short sold. Based on an average daily trading volume, of 643,100 shares, the days-to-cover ratio is presently 3.6 days.
A number of hedge funds have recently made changes to their positions in ARW. Dimensional Fund Advisors LP lifted its position in Arrow Electronics by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,466,756 shares of the technology company’s stock valued at $239,030,000 after acquiring an additional 34,362 shares in the last quarter. Geode Capital Management LLC lifted its position in Arrow Electronics by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 918,201 shares of the technology company’s stock valued at $63,269,000 after acquiring an additional 86,631 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Arrow Electronics by 93.7% in the 1st quarter. State of Alaska Department of Revenue now owns 17,896 shares of the technology company’s stock valued at $1,378,000 after acquiring an additional 8,657 shares in the last quarter. Meeder Asset Management Inc. lifted its position in Arrow Electronics by 14.9% in the 1st quarter. Meeder Asset Management Inc. now owns 8,720 shares of the technology company’s stock valued at $671,000 after acquiring an additional 1,128 shares in the last quarter. Finally, Oakbrook Investments LLC bought a new stake in Arrow Electronics in the 1st quarter valued at $231,000. 94.85% of the stock is currently owned by institutional investors.
A number of analysts have recently weighed in on ARW shares. TheStreet downgraded shares of Arrow Electronics from a “b-” rating to a “c” rating in a research report on Friday, August 2nd. Zacks Investment Research downgraded shares of Arrow Electronics from a “hold” rating to a “sell” rating and set a $73.00 target price on the stock. in a research report on Wednesday, July 3rd. Deutsche Bank started coverage on shares of Arrow Electronics in a research report on Tuesday, June 11th. They issued a “buy” rating and a $83.00 target price on the stock. ValuEngine raised shares of Arrow Electronics from a “sell” rating to a “hold” rating in a research report on Monday, July 22nd. Finally, Cross Research downgraded shares of Arrow Electronics from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $77.02.
Shares of ARW stock opened at $66.04 on Friday. Arrow Electronics has a one year low of $62.35 and a one year high of $86.62. The company’s 50-day moving average is $69.65 and its 200 day moving average is $74.23. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 7.48, a price-to-earnings-growth ratio of 2.23 and a beta of 1.39. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.15 and a current ratio of 1.64.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $1.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.56 by $0.04. The firm had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.29 billion. During the same period last year, the company posted $2.20 earnings per share. The business’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, research analysts predict that Arrow Electronics will post 7.25 earnings per share for the current fiscal year.
About Arrow Electronics
Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.
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