Assenagon Asset Management S.A. Trims Stake in Arrow Electronics, Inc. (NYSE:ARW)

Assenagon Asset Management S.A. trimmed its position in Arrow Electronics, Inc. (NYSE:ARW) by 43.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 558,681 shares of the technology company’s stock after selling 426,692 shares during the quarter. Assenagon Asset Management S.A. owned 1.05% of Arrow Electronics worth $67,466,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new position in shares of Arrow Electronics in the 1st quarter valued at $32,000. Versant Capital Management Inc raised its holdings in Arrow Electronics by 794.6% in the second quarter. Versant Capital Management Inc now owns 331 shares of the technology company’s stock worth $40,000 after purchasing an additional 294 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Arrow Electronics by 76.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 346 shares of the technology company’s stock valued at $45,000 after buying an additional 150 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of Arrow Electronics in the 4th quarter valued at about $56,000. Finally, GAMMA Investing LLC purchased a new position in shares of Arrow Electronics in the 4th quarter worth approximately $58,000. Institutional investors own 99.34% of the company’s stock.

Arrow Electronics Stock Performance

ARW stock traded down $0.57 during midday trading on Friday, reaching $129.28. The stock had a trading volume of 496,144 shares, compared to its average volume of 497,993. 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 firm has a fifty day simple moving average of $124.58 and a two-hundred day simple moving average of $123.55. The stock has a market cap of $6.88 billion, a PE ratio of 10.19 and a beta of 1.27. Arrow Electronics, Inc. has a 52-week low of $108.51 and a 52-week high of $135.31.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.62. The firm had revenue of $6.89 billion during the quarter, compared to analysts’ expectations of $6.52 billion. Arrow Electronics had a return on equity of 12.77% and a net margin of 1.97%. The company’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period last year, the business posted $4.37 earnings per share. As a group, equities research analysts anticipate that Arrow Electronics, Inc. will post 10.34 EPS for the current year.

Insider Buying and Selling at Arrow Electronics

In other Arrow Electronics news, Director Andrew Charles Kerin sold 1,520 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $131.66, for a total value of $200,123.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Gail Hamilton sold 2,987 shares of Arrow Electronics stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $132.59, for a total transaction of $396,046.33. Following the completion of the transaction, the director now directly owns 102 shares of the company’s stock, valued at approximately $13,524.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Andrew Charles Kerin sold 1,520 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $131.66, for a total transaction of $200,123.20. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ARW shares. The Goldman Sachs Group raised their target price on shares of Arrow Electronics from $116.00 to $132.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Raymond James boosted their target price on Arrow Electronics from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their target price on Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Finally, Truist Financial raised their price target on Arrow Electronics from $124.00 to $141.00 and gave the stock a “hold” rating in a 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 issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $130.75.

Arrow Electronics 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.