Wells Fargo & Company Lowers Arrow Electronics (NYSE:ARW) Price Target to $100.00

Arrow Electronics (NYSE:ARW) had its price objective cut by equities research analysts at Wells Fargo & Company from $105.00 to $100.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 10.84% from the stock’s current price.

Several other brokerages have also recently weighed in on ARW. Raymond James reduced their target price on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Truist Financial reduced their price target on shares of Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a research report on Friday, November 1st.

Arrow Electronics Trading Up 0.2 %

Shares of NYSE ARW traded up $0.21 during midday trading on Monday, reaching $112.16. 32,351 shares of the stock were exchanged, compared to its average volume of 333,090. The stock has a market capitalization of $5.90 billion, a P/E ratio of 12.52 and a beta of 1.26. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.09 and a current ratio of 1.46. The company has a 50 day simple moving average of $117.20 and a 200 day simple moving average of $124.25. Arrow Electronics has a twelve month low of $108.51 and a twelve month high of $137.80.

Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, October 31st. The technology company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.15. Arrow Electronics had a return on equity of 10.71% and a net margin of 1.71%. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.73 billion. During the same quarter last year, the firm earned $4.14 earnings per share. The firm’s quarterly revenue was down 14.8% compared to the same quarter last year. As a group, equities analysts expect that Arrow Electronics will post 10.23 earnings per share for the current year.

Institutional Trading of Arrow Electronics

A number of large investors have recently made changes to their positions in ARW. Pacer Advisors Inc. increased its position in Arrow Electronics by 71.9% during the third quarter. Pacer Advisors Inc. now owns 2,094,555 shares of the technology company’s stock worth $278,220,000 after purchasing an additional 876,396 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Arrow Electronics by 1,072.6% in the 3rd quarter. Franklin Resources Inc. now owns 41,265 shares of the technology company’s stock worth $5,564,000 after purchasing an additional 37,746 shares during the period. Cerity Partners LLC lifted its stake in shares of Arrow Electronics by 140.4% in the 3rd quarter. Cerity Partners LLC now owns 12,034 shares of the technology company’s stock valued at $1,598,000 after purchasing an additional 7,028 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Arrow Electronics during the 2nd quarter worth approximately $1,267,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Arrow Electronics by 115.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 315,800 shares of the technology company’s stock valued at $41,948,000 after acquiring an additional 168,904 shares in the last quarter. Institutional investors and hedge funds own 99.34% of the company’s stock.

Arrow Electronics Company Profile

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.