Arrow Electronics (NYSE:ARW – Free Report) had its price objective trimmed by Truist Financial from $128.00 to $124.00 in a report published on Friday morning, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.
Separately, StockNews.com downgraded shares of Arrow Electronics from a buy rating to a hold rating in a research note on Wednesday, December 13th.
Arrow Electronics Stock Performance
Arrow Electronics (NYSE:ARW – Get Free Report) last issued its earnings results on Thursday, February 8th. The technology company reported $3.98 earnings per share for the quarter, topping analysts’ consensus estimates of $3.72 by $0.26. Arrow Electronics had a net margin of 2.73% and a return on equity of 17.22%. The firm had revenue of $7.85 billion during the quarter, compared to analyst estimates of $7.84 billion. During the same quarter in the prior year, the business earned $5.69 earnings per share. Arrow Electronics’s revenue for the quarter was down 15.8% on a year-over-year basis. Equities analysts forecast that Arrow Electronics will post 14.24 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Arrow Electronics
A number of hedge funds have recently bought and sold shares of ARW. Moneta Group Investment Advisors LLC purchased a new stake in Arrow Electronics during the fourth quarter valued at $230,362,000. Norges Bank bought a new position in shares of Arrow Electronics in the fourth quarter worth about $79,027,000. Assenagon Asset Management S.A. grew its holdings in shares of Arrow Electronics by 317.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 538,726 shares of the technology company’s stock worth $65,859,000 after purchasing an additional 409,810 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Arrow Electronics by 67.2% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 946,398 shares of the technology company’s stock worth $118,527,000 after purchasing an additional 380,383 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Arrow Electronics by 42.9% in the third quarter. Ameriprise Financial Inc. now owns 1,164,451 shares of the technology company’s stock worth $145,244,000 after purchasing an additional 349,561 shares during the last quarter. Hedge funds and other institutional investors own 94.79% 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.
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