Arrow Electronics (NYSE:ARW) Releases Earnings Results, Beats Estimates By $0.21 EPS

Arrow Electronics (NYSE:ARWGet Rating) released its quarterly earnings results on Thursday. The technology company reported $5.78 earnings per share for the quarter, topping analysts’ consensus estimates of $5.57 by $0.21, Briefing.com reports. The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.40 billion. Arrow Electronics had a return on equity of 26.76% and a net margin of 3.87%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted $3.34 EPS. 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 %

Arrow Electronics stock traded down $3.34 during midday trading on Friday, reaching $115.77. The company’s stock had a trading volume of 760,131 shares, compared to its average volume of 354,581. Arrow Electronics has a fifty-two week low of $105.33 and a fifty-two 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 0.53. The company has a market cap of $7.65 billion, a P/E ratio of 5.76, a P/E/G ratio of 1.76 and a beta of 1.35. The business has a 50-day simple moving average of $116.29 and a 200-day simple moving average of $119.23.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ARW shares. StockNews.com cut Arrow Electronics from a “strong-buy” rating to a “buy” rating in a report on Monday, July 18th. Truist Financial lowered their price objective on shares of Arrow Electronics from $143.00 to $126.00 and set a “hold” rating for the company in a research note on Friday, April 8th. Finally, The Goldman Sachs Group reduced their price objective on Arrow Electronics from $158.00 to $127.00 in a research note on Friday, July 15th.

Insider Buying and Selling at Arrow Electronics

In other Arrow Electronics news, SVP Vincent P. Melvin sold 5,334 shares of the firm’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $122.26, for a total value of $652,134.84. Following the sale, the senior vice president now directly owns 25,381 shares in the company, valued at $3,103,081.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Arrow Electronics news, SVP David Alan West sold 2,125 shares of the firm’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $124.47, for a total transaction of $264,498.75. Following the transaction, the senior vice president now owns 13,446 shares of the company’s stock, valued at $1,673,623.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Vincent P. Melvin sold 5,334 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $122.26, for a total value of $652,134.84. Following the transaction, the senior vice president now directly owns 25,381 shares in the company, valued at approximately $3,103,081.06. The disclosure for this sale can be found here. Insiders have sold a total of 29,475 shares of company stock worth $3,648,254 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Arrow Electronics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in Arrow Electronics by 2.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 468,397 shares of the technology company’s stock valued at $55,566,000 after purchasing an additional 10,873 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Arrow Electronics by 45.9% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 134,436 shares of the technology company’s stock valued at $15,948,000 after purchasing an additional 42,300 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Arrow Electronics in the 1st quarter valued at approximately $15,564,000. BNP Paribas Arbitrage SA boosted its holdings in Arrow Electronics by 53.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 76,280 shares of the technology company’s stock valued at $9,049,000 after purchasing an additional 26,477 shares in the last quarter. Finally, Bridgewater Associates LP purchased a new stake in Arrow Electronics in the 1st quarter valued at approximately $4,338,000. Hedge funds and other institutional investors own 93.38% of the company’s stock.

About Arrow Electronics

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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.

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Earnings History for Arrow Electronics (NYSE:ARW)

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