Arrow Electronics (NYSE:ARW) Shares Gap Down on Analyst Downgrade

Arrow Electronics, Inc. (NYSE:ARWGet Free Report)’s share price gapped down prior to trading on Friday after Truist Financial lowered their price target on the stock from $128.00 to $124.00. The stock had previously closed at $113.40, but opened at $109.58. Truist Financial currently has a hold rating on the stock. Arrow Electronics shares last traded at $111.26, with a volume of 46,774 shares trading hands.

Separately, StockNews.com downgraded shares of Arrow Electronics from a “buy” rating to a “hold” rating in a research note on Wednesday, December 13th.

View Our Latest Research Report on ARW

Institutional Investors Weigh In On Arrow Electronics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Arrow Electronics by 25.5% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,964 shares of the technology company’s stock worth $854,000 after acquiring an additional 1,211 shares in the last quarter. California Public Employees Retirement System increased its position in shares of Arrow Electronics by 3.9% during the second quarter. California Public Employees Retirement System now owns 339,374 shares of the technology company’s stock worth $48,609,000 after acquiring an additional 12,598 shares in the last quarter. South Dakota Investment Council increased its position in shares of Arrow Electronics by 3.3% during the third quarter. South Dakota Investment Council now owns 74,556 shares of the technology company’s stock worth $9,337,000 after acquiring an additional 2,372 shares in the last quarter. Creative Planning increased its position in shares of Arrow Electronics by 9.0% during the second quarter. Creative Planning now owns 8,434 shares of the technology company’s stock worth $1,208,000 after acquiring an additional 696 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in shares of Arrow Electronics by 21.2% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 566,015 shares of the technology company’s stock worth $81,070,000 after acquiring an additional 99,034 shares in the last quarter. 94.79% of the stock is owned by institutional investors.

Arrow Electronics Stock Down 1.8 %

The company has a current ratio of 1.39, a quick ratio of 0.96 and a debt-to-equity ratio of 0.37. The stock’s 50-day simple moving average is $117.67 and its 200-day simple moving average is $122.04. The firm has a market capitalization of $6.03 billion, a P/E ratio of 7.05 and a beta of 1.40.

Arrow Electronics (NYSE:ARWGet Free Report) last issued its quarterly earnings data on Thursday, February 8th. The technology company reported $3.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.72 by $0.26. Arrow Electronics had a net margin of 2.73% and a return on equity of 17.22%. The business had revenue of $7.85 billion during the quarter, compared to the consensus estimate of $7.84 billion. During the same period in the prior year, the firm posted $5.69 EPS. The firm’s quarterly revenue was down 15.8% compared to the same quarter last year. As a group, research analysts predict that Arrow Electronics, Inc. will post 14.24 earnings per share for the current fiscal year.

Arrow Electronics Company Profile

(Get Free Report)

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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