Truist Financial Lowers Arrow Electronics (NYSE:ARW) Price Target to $120.00

Arrow Electronics (NYSE:ARW) had its target price cut by Truist Financial from $141.00 to $120.00 in a research note released on Friday, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Other equities research analysts have also issued reports about the company. Raymond James boosted their target price on Arrow Electronics from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company upped their price objective on shares of Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Arrow Electronics presently has a consensus rating of “Hold” and a consensus target price of $124.25.

Arrow Electronics Stock Performance

NYSE:ARW opened at $121.03 on Friday. The company has a 50-day moving average of $131.33 and a 200-day moving average of $128.18. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 13.51 and a beta of 1.27. The company has a current ratio of 1.46, a quick ratio of 1.07 and a debt-to-equity ratio of 0.39. Arrow Electronics has a twelve month low of $108.51 and a twelve month high of $137.80.

Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, October 31st. The technology company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.15. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.73 billion. Arrow Electronics had a net margin of 1.71% and a return on equity of 10.71%. The firm’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. Analysts forecast that Arrow Electronics will post 10.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its position in Arrow Electronics by 3.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,816 shares of the technology company’s stock worth $1,400,000 after acquiring an additional 373 shares during the period. State of Michigan Retirement System increased its stake in Arrow Electronics by 1.5% in the 1st quarter. State of Michigan Retirement System now owns 13,175 shares of the technology company’s stock valued at $1,706,000 after buying an additional 200 shares during the period. State of Alaska Department of Revenue lifted its position in Arrow Electronics by 368.7% in the 1st quarter. State of Alaska Department of Revenue now owns 27,412 shares of the technology company’s stock worth $3,548,000 after buying an additional 21,563 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Arrow Electronics by 2.4% during the 1st quarter. Commonwealth Equity Services LLC now owns 4,623 shares of the technology company’s stock valued at $598,000 after buying an additional 108 shares during the period. Finally, Van ECK Associates Corp grew its holdings in shares of Arrow Electronics by 36.5% during the 1st quarter. Van ECK Associates Corp now owns 19,574 shares of the technology company’s stock valued at $2,534,000 after acquiring an additional 5,235 shares in the last quarter. Hedge funds and other institutional investors own 99.34% of the company’s stock.

About Arrow Electronics

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.