Arrow Electronics (NYSE:ARW) declared that its Board of Directors has approved a share buyback plan on Friday, December 17th, RTT News reports. The company plans to buyback $600.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
Separately, Zacks Investment Research raised shares of Arrow Electronics from a “hold” rating to a “strong-buy” rating and set a $139.00 price objective for the company in a research report on Tuesday, November 9th.
NYSE ARW opened at $126.99 on Wednesday. The company has a market capitalization of $8.84 billion, a PE ratio of 9.75, a P/E/G ratio of 0.31 and a beta of 1.47. The company has a 50-day simple moving average of $122.03. Arrow Electronics has a twelve month low of $94.25 and a twelve month high of $130.00. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.04 and a current ratio of 1.44.
Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, November 4th. The technology company reported $4.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.54 by $0.50. The business had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $8.59 billion. Arrow Electronics had a net margin of 2.87% and a return on equity of 19.22%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.08 earnings per share. As a group, equities analysts predict that Arrow Electronics will post 14.6 EPS for the current year.
In other news, insider Vincent P. Melvin sold 8,748 shares of the stock in a transaction that occurred on Monday, November 29th. The shares were sold at an average price of $124.25, for a total transaction of $1,086,939.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Charles Kostalnick II sold 3,000 shares of the stock in a transaction that occurred on Friday, November 5th. The shares were sold at an average price of $122.45, for a total transaction of $367,350.00. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.
About Arrow Electronics
Arrow Electronics, Inc is a provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. It operates through two segments: Global Components Business and Global Enterprise Computing Solutions. The Global Components segment involves in the marketing and distribution of electronic components and provides a range of value added capabilities throughout the entire life cycle of technology products and services through design engineering, global marketing, and integration, global logistics and supply chain management.