Arrow Electronics (ARW) was Downgraded by Citigroup to ” Sell” while Lowering the Price Target of the company shares to $ 53 from a previous price target of $70 . Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on May 2, 2016.
Many Wall Street Analysts have commented on Arrow Electronics. Arrow Electronics was Resumed by BofA/Merrill to “Buy” on Apr 27, 2016. Arrow Electronics was Upgraded by Goldman to ” Buy” on Mar 14, 2016.
On the company’s financial health, Arrow Electronics reported $1.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Feb 4, 2016. Analyst had a consensus of $1.82. The company had revenue of $6751.34 million for the quarter, compared to analysts expectations of $6343.23 million. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS.
Arrow Electronics opened for trading at $64.7 and hit $65.36 on the upside on Wednesday, eventually ending the session at $65.1, with a gain of 0.66% or 0.43 points. The heightened volatility saw the trading volume jump to 5,54,450 shares. Company has a market cap of $5,920 M.
In a different news, on Feb 25, 2016, Mary Catherine Morris (Chief Strategy Officer) sold 2,289 shares at $57.12 per share price. According to the SEC, on Feb 25, 2016, Andrew S Bryant (Chief Operating Officer) sold 3,786 shares at $57.13 per share price. On Feb 22, 2016, Paul J Reilly (Chief Financial Officer) sold 10,000 shares at $58.32 per share price, according to the Form-4 filing with the securities and exchange commission.
Arrow Electronics Inc. (Arrow) is a provider of products services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from electronic components and enterprise computing solutions (ECS) suppliers coupled with a range of services solutions and tools for industrial and commercial customers. The Company operates in two business segments: the global components business and the global enterprise computing solutions business. The global components business segment is a provider of online catalogs for electronic components; cloud-based design tools; factory-direct end-of-life product inventory and disposition solutions to redeploy remarket and recycle technology assets. The global ECS business segment provides enterprise and midrange computing products services and solutions to value-added resellers (VARs) in the Americas EMEA and Asia Pacific regions.