Arrow Electronics Inc (NYSE:ARW) near 52-week high, short interest down

Arrow Electronics Inc (NYSE:ARW) (Trend Analysis) shares were traded with thin volume. The stock closed last trading session at $61.07, up by 2.31%, with a volume of 610,625 shares against an average amount for the last three months of 611,787.

Stock Performance: Click here for a free comprehensive Trend Analysis Report

Arrow Electronics Inc (NYSE:ARW) stock is currently trading 6.79% below its 52-week-high, 35.02% above its 52-week-low. The 1-year stock price history is in the range of $45.23 – $65.52. Arrow Electronics Inc (ARW) has a price to earnings ratio of 11.74 versus Services sector average of 20.03. ARW stock price has outperformed the S&P 500 by 10%. The Electronic Parts Distribution company is currently valued at $5.55 billion, and its share price closed the last trading session at $61.07. The stock has a 50-day moving average of $62.94 and a 200-day moving average of $57.38.

Arrow Electronics Inc (ARW) current short interest stands at 1.82 million shares. It has decreased by 4% from the same period of last month. Around 2% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.91 million shares, the number of days required to cover the short positions stand at 2.1 days.

ARW is forecasted to report earnings per share of $1.66 and a revenue of $6.04 billion for the 2nd Quarter of the fiscal year 2016. Arrow Electronics Inc (ARW) declared last quarter earnings on May 03. The Electronic Parts Distribution company announced last quarter earnings per share of $1.43 against a consensus Street estimate of $1.40, beating the average estimate by $0.03. The company posted a revenue of $5.47 billion compared to an estimation of $5.47 billion.

Is this a Trading Opportunity? Click here for a free Trend Analysis Report

There are currently twelve analysts that cover Arrow Electronics Inc stock. Of those twelve, nine have a Buy rating, two have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $68.8.

A recent analyst activity consisted of Goldman Sachs reiterating their Buy stance on May 9. Goldman Sachs increased their price target on ARW from $70 to $72. This corresponds to a 17.9% upside from the last closing price. On the date of report, the stock closed at $59.69.

Citigroup downgraded their Buy rating to Sell on May 2, and decreased their price target from $70 to $53. This corresponds to a 13.21% downside from the last closing price. On the date of report, the stock closed at $59.06.

Another research firm was Bank of America who initiated their coverage on the stock with Buy rating on April 27. On the date of report, the stock closed at $65.1.

Company snapshot

Arrow Electronics, Inc. distributes electronic components and computer products to industrial and commercial customers. The Company distributes a variety of products including computer systems, peripherals, software, and mass storage products to original equipment manufacturers and commercial customers worldwide.

Arrow Electronics Inc (NYSE:ARW) near 52-week high, short interest down was last modified: May 11th, 2016 by Eric Hanson