Arrow Electronics, Inc. (NYSE:ARW) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 1,490,000 shares, a drop of 18.6% from the August 15th total of 1,830,000 shares. Based on an average daily trading volume, of 571,000 shares, the short-interest ratio is presently 2.6 days. Approximately 1.9% of the shares of the stock are short sold.
Shares of ARW traded down $0.38 during mid-day trading on Wednesday, reaching $80.12. The company had a trading volume of 978,640 shares, compared to its average volume of 653,738. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 1.76 and a beta of 1.48. The firm has a fifty day simple moving average of $75.94 and a 200-day simple moving average of $65.89. Arrow Electronics has a fifty-two week low of $39.25 and a fifty-two week high of $85.80. The company has a current ratio of 1.45, a quick ratio of 1.03 and a debt-to-equity ratio of 0.44.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, July 30th. The technology company reported $1.59 earnings per share for the quarter, beating the Zacks' consensus estimate of $1.45 by $0.14. The company had revenue of $6.61 billion for the quarter, compared to analyst estimates of $6.38 billion. Arrow Electronics had a net margin of 1.41% and a return on equity of 11.39%. Arrow Electronics's revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter last year, the business earned $1.60 EPS. As a group, equities analysts predict that Arrow Electronics will post 6.47 EPS for the current fiscal year.
In other news, CEO Michael J. Long sold 68,834 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $78.57, for a total transaction of $5,408,287.38. Following the completion of the transaction, the chief executive officer now directly owns 255,410 shares of the company's stock, valued at approximately $20,067,563.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sean J. Kerins sold 6,270 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $74.54, for a total transaction of $467,365.80. Following the transaction, the insider now directly owns 23,260 shares of the company's stock, valued at $1,733,800.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,230 shares of company stock valued at $6,035,273. 1.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. CWM Advisors LLC acquired a new position in shares of Arrow Electronics during the 1st quarter valued at $31,000. Balentine LLC acquired a new position in shares of Arrow Electronics during the 1st quarter valued at $33,000. Evoke Wealth LLC lifted its holdings in shares of Arrow Electronics by 763.8% during the 2nd quarter. Evoke Wealth LLC now owns 501 shares of the technology company's stock valued at $34,000 after acquiring an additional 443 shares in the last quarter. Private Capital Group LLC lifted its holdings in shares of Arrow Electronics by 51.0% during the 1st quarter. Private Capital Group LLC now owns 1,190 shares of the technology company's stock valued at $62,000 after acquiring an additional 402 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of Arrow Electronics by 203.5% during the 2nd quarter. Parallel Advisors LLC now owns 965 shares of the technology company's stock valued at $66,000 after acquiring an additional 647 shares in the last quarter. Institutional investors own 94.17% of the company's stock.
A number of research analysts have recently weighed in on the stock. Citigroup reissued a "buy" rating on shares of Arrow Electronics in a research note on Monday, July 13th. Zacks Investment Research raised shares of Arrow Electronics from a "sell" rating to a "hold" rating and set a $75.00 target price for the company in a research note on Monday, August 3rd. Finally, TheStreet raised shares of Arrow Electronics from a "c+" rating to a "b-" rating in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company's stock. The stock presently has a consensus rating of "Hold" and an average target price of $73.13.
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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