Arrow Electronics (NYSE:ARW) Cut to “Underperform” at Bank of America

Bank of America downgraded shares of Arrow Electronics (NYSE:ARW) from a neutral rating to an underperform rating in a research report report published on Friday morning, MarketBeat reports.

A number of other analysts have also recently weighed in on ARW. Wells Fargo & Company dropped their target price on shares of Arrow Electronics from $100.00 to $98.00 and set an “underweight” rating on the stock in a report on Friday. Raymond James dropped their price objective on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Truist Financial decreased their target price on Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $121.25.

Arrow Electronics Stock Down 2.3 %

NYSE:ARW opened at $107.15 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.09 and a current ratio of 1.46. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 14.72 and a beta of 1.26. Arrow Electronics has a one year low of $105.00 and a one year high of $137.80. The stock has a 50-day simple moving average of $116.05 and a 200 day simple moving average of $123.41.

Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, February 13th. The technology company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.80 by $0.17. Arrow Electronics had a return on equity of 9.69% and a net margin of 1.40%. Sell-side analysts predict that Arrow Electronics will post 12.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Arrow Electronics

Several institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in Arrow Electronics by 71.9% during the 3rd quarter. Pacer Advisors Inc. now owns 2,094,555 shares of the technology company’s stock valued at $278,220,000 after purchasing an additional 876,396 shares during the period. Franklin Resources Inc. raised its holdings in shares of Arrow Electronics by 1,072.6% during the third quarter. Franklin Resources Inc. now owns 41,265 shares of the technology company’s stock valued at $5,564,000 after buying an additional 37,746 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Arrow Electronics by 140.4% during the third quarter. Cerity Partners LLC now owns 12,034 shares of the technology company’s stock worth $1,598,000 after buying an additional 7,028 shares during the period. Lind Value II ApS grew its holdings in Arrow Electronics by 36.3% in the 4th quarter. Lind Value II ApS now owns 648,637 shares of the technology company’s stock worth $73,374,000 after buying an additional 172,669 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Arrow Electronics by 115.0% in 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 during the period. Institutional investors 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.