Arrow Electronics (NYSE:ARW) Sets New 12-Month High – Here’s Why

Arrow Electronics, Inc. (NYSE:ARW)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $137.07 and last traded at $137.07, with a volume of 145341 shares changing hands. The stock had previously closed at $136.41.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ARW shares. Raymond James increased their target price on shares of Arrow Electronics from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their price target on Arrow Electronics from $100.00 to $110.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Finally, Truist Financial upped their target price on shares of Arrow Electronics from $124.00 to $141.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $130.75.

Arrow Electronics Price Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.07 and a current ratio of 1.48. The stock’s 50 day simple moving average is $131.02 and its 200-day simple moving average is $127.86. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 10.65 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.62. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The firm had revenue of $6.89 billion for the quarter, compared to the consensus estimate of $6.52 billion. During the same period last year, the firm posted $4.37 earnings per share. The company’s revenue for the quarter was down 19.0% on a year-over-year basis. Equities research analysts anticipate that Arrow Electronics, Inc. will post 10.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Arrow Electronics

Institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc boosted its stake in Arrow Electronics by 794.6% in the 2nd quarter. Versant Capital Management Inc now owns 331 shares of the technology company’s stock worth $40,000 after buying an additional 294 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Arrow Electronics by 76.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 346 shares of the technology company’s stock valued at $45,000 after acquiring an additional 150 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Arrow Electronics during the first quarter valued at approximately $81,000. GAMMA Investing LLC increased its stake in Arrow Electronics by 24.6% in the 3rd quarter. GAMMA Investing LLC now owns 695 shares of the technology company’s stock valued at $92,000 after buying an additional 137 shares during the period. Finally, Quarry LP bought a new position in Arrow Electronics during the second quarter valued at approximately $107,000. 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.