Arrow Electronics (NYSE:ARW) Announces Quarterly Earnings Results
Arrow Electronics (NYSE:ARW) released its quarterly earnings results on Thursday. The technology company reported $1.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.14, MarketWatch Earnings reports. The firm had revenue of $6.61 billion during the quarter, compared to analyst estimates of $6.38 billion. Arrow Electronics had a return on equity of 11.39% and a net margin of 1.41%. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.60 EPS. Arrow Electronics updated its Q3 2020
Pre-Market guidance to 1.54-1.70 EPS and its Q3 guidance to $1.54-1.70 EPS.
ARW stock traded up $1.93 during midday trading on Friday, reaching $71.62. The stock had a trading volume of 749,762 shares, compared to its average volume of 444,039. The firm has a fifty day simple moving average of $66.98 and a two-hundred day simple moving average of $66.61. Arrow Electronics has a 52-week low of $39.25 and a 52-week high of $85.80. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.04 and a current ratio of 1.45. The stock has a market cap of $5.65 billion, a PE ratio of 15.08, a P/E/G ratio of 1.52 and a beta of 1.46.
ARW has been the subject of several recent analyst reports. Bank of America reiterated a “neutral” rating and set a $73.00 price objective (up previously from $70.00) on shares of Arrow Electronics in a research note on Tuesday, May 5th. Raymond James downgraded Arrow Electronics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 14th. Loop Capital started coverage on Arrow Electronics in a research report on Thursday, April 23rd. They issued a “buy” rating and a $80.00 price objective for the company. Wells Fargo & Co boosted their target price on Arrow Electronics from $48.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Finally, Citigroup reiterated a “buy” rating on shares of Arrow Electronics in a research note on Monday, July 13th. Two research 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 stock currently has an average rating of “Hold” and a consensus price target of $72.00.
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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