Arrow Electronics (NYSE:ARW) Releases Quarterly Earnings Results, Beats Expectations By $0.26 EPS

Arrow Electronics (NYSE:ARWGet Free Report) posted its quarterly earnings data on Thursday. The technology company reported $3.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.72 by $0.26, Briefing.com reports. The company had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.84 billion. Arrow Electronics had a net margin of 2.73% and a return on equity of 17.22%. The business’s quarterly revenue was down 15.8% on a year-over-year basis. During the same quarter last year, the firm posted $5.69 earnings per share. Arrow Electronics updated its Q1 guidance to $2.20-2.40 EPS and its Q1 2024 guidance to 2.200-2.400 EPS.

Arrow Electronics Stock Down 1.8 %

Shares of NYSE:ARW opened at $111.31 on Friday. The firm has a market cap of $6.03 billion, a PE ratio of 7.05 and a beta of 1.40. The company has a fifty day simple moving average of $117.67 and a 200 day simple moving average of $122.04. The company has a current ratio of 1.39, a quick ratio of 0.96 and a debt-to-equity ratio of 0.37. Arrow Electronics has a 12-month low of $108.77 and a 12-month high of $147.42.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ARW. StockNews.com lowered shares of Arrow Electronics from a “buy” rating to a “hold” rating in a research note on Wednesday, December 13th. Truist Financial dropped their price target on shares of Arrow Electronics from $128.00 to $124.00 and set a “hold” rating for the company in a research note on Friday.

Read Our Latest Research Report on ARW

Hedge Funds Weigh In On Arrow Electronics

A number of hedge funds have recently added to or reduced their stakes in ARW. Panagora Asset Management Inc. boosted its holdings in Arrow Electronics by 12.3% in the first quarter. Panagora Asset Management Inc. now owns 3,478 shares of the technology company’s stock worth $413,000 after purchasing an additional 380 shares during the period. Blair William & Co. IL acquired a new position in Arrow Electronics in the first quarter worth $273,000. Prudential PLC acquired a new position in Arrow Electronics in the first quarter worth $302,000. Cetera Investment Advisers acquired a new position in shares of Arrow Electronics during the first quarter valued at $275,000. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of Arrow Electronics during the first quarter valued at $52,000. Institutional investors and hedge funds own 94.79% of the company’s stock.

About Arrow Electronics

(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.

See Also

Earnings History for Arrow Electronics (NYSE:ARW)

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