Arrow Electronics (NYSE:ARW) Shares Gap Down – Here’s What Happened

Arrow Electronics, Inc. (NYSE:ARW) shares gapped down before the market opened on Thursday . The stock had previously closed at $135.80, but opened at $126.30. Arrow Electronics shares last traded at $120.63, with a volume of 60,926 shares changing hands.

Wall Street Analysts Forecast Growth

ARW has been the subject of a number of analyst reports. Raymond James cut their price objective on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Friday. Truist Financial dropped their price objective on shares of Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a report on Friday. Finally, Wells Fargo & Company increased their price target on shares of Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $124.25.

Arrow Electronics Stock Up 2.0 %

The stock has a market capitalization of $6.41 billion, a P/E ratio of 11.41 and a beta of 1.26. The stock has a 50 day moving average price of $131.57 and a 200-day moving average price of $128.16. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.48 and a quick ratio of 1.07.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.15. The business had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.73 billion. Arrow Electronics had a return on equity of 12.77% and a net margin of 1.97%. The business’s quarterly revenue was down 14.8% on a year-over-year basis. During the same period in the previous year, the firm earned $4.14 EPS. As a group, research analysts expect that Arrow Electronics, Inc. will post 10.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Arrow Electronics

Several hedge funds have recently made changes to their positions in the business. Intech Investment Management LLC purchased a new position in Arrow Electronics during the 1st quarter valued at $682,000. State Board of Administration of Florida Retirement System raised its stake in Arrow Electronics by 20.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 59,293 shares of the technology company’s stock worth $7,404,000 after buying an additional 10,083 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Arrow Electronics by 128.9% in the first quarter. Illinois Municipal Retirement Fund now owns 35,304 shares of the technology company’s stock worth $4,570,000 after buying an additional 19,880 shares during the period. Russell Investments Group Ltd. lifted its holdings in Arrow Electronics by 6.8% in the first quarter. Russell Investments Group Ltd. now owns 96,210 shares of the technology company’s stock worth $12,456,000 after buying an additional 6,157 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in Arrow Electronics by 368.7% during the 1st quarter. State of Alaska Department of Revenue now owns 27,412 shares of the technology company’s stock valued at $3,548,000 after acquiring an additional 21,563 shares in the last quarter. 99.34% of the stock is owned by hedge funds and other institutional investors.

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.