Arrow Electronics (NYSE:ARW) Downgraded to Underperform Rating by Bank of America

Arrow Electronics (NYSE:ARW) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday,Briefing.com Automated Import reports.

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

Arrow Electronics Price Performance

Shares of NYSE ARW traded down $3.51 during mid-day trading on Friday, reaching $106.21. 446,413 shares of the company were exchanged, compared to its average volume of 469,430. The company’s 50 day moving average price is $116.32 and its 200 day moving average price is $123.50. Arrow Electronics has a 52 week low of $105.00 and a 52 week high of $137.80. The company has a quick ratio of 1.09, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $5.59 billion, a PE ratio of 11.85 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last released its earnings results on Thursday, February 13th. The technology company reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.17. Arrow Electronics had a return on equity of 10.71% and a net margin of 1.71%. Sell-side analysts forecast that Arrow Electronics will post 10.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arrow Electronics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Edgestream Partners L.P. purchased a new position in shares of Arrow Electronics in the 4th quarter worth approximately $6,548,000. Raymond James Financial Inc. bought a new stake in Arrow Electronics during the 4th quarter valued at $5,137,000. Proficio Capital Partners LLC bought a new position in Arrow Electronics during the 4th quarter worth about $1,971,000. Seizert Capital Partners LLC grew its stake in Arrow Electronics by 36.4% in the fourth quarter. Seizert Capital Partners LLC now owns 46,851 shares of the technology company’s stock valued at $5,300,000 after purchasing an additional 12,505 shares during the last quarter. Finally, Atria Investments Inc grew its stake in Arrow Electronics by 14.2% during the 4th quarter. Atria Investments Inc now owns 5,063 shares of the technology company’s stock worth $573,000 after buying an additional 630 shares during the last quarter. 99.34% of the stock is owned by hedge funds and other institutional investors.

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.