Arrow Electronics (NYSE:ARW) Reaches New 12-Month High – Here’s What Happened

Arrow Electronics, Inc. (NYSE:ARW) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $137.07 and last traded at $137.07, with a volume of 145341 shares. The stock had previously closed at $136.41.

Wall Street Analyst Weigh In

ARW has been the topic of several recent analyst reports. Raymond James raised 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 raised their target price on shares of Arrow Electronics from $100.00 to $110.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, Truist Financial raised their price objective on Arrow Electronics from $124.00 to $141.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $130.75.

Arrow Electronics Stock Performance

The firm’s fifty day moving average is $131.02 and its 200 day moving average is $127.86. The company has a current ratio of 1.48, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. The company has a market cap of $7.22 billion, a PE ratio of 10.65 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 1.97% and a return on equity of 12.77%. The firm’s quarterly revenue was down 19.0% on a year-over-year basis. During the same quarter last year, the company posted $4.37 EPS. As a group, research analysts predict that Arrow Electronics, Inc. will post 10.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Arrow Electronics

Several institutional investors and hedge funds have recently made changes to their positions in ARW. Intech Investment Management LLC bought a new stake in shares of Arrow Electronics during the 1st quarter worth about $682,000. State Board of Administration of Florida Retirement System raised its position in Arrow Electronics by 20.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 59,293 shares of the technology company’s stock worth $7,404,000 after purchasing an additional 10,083 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in Arrow Electronics by 128.9% in the first quarter. Illinois Municipal Retirement Fund now owns 35,304 shares of the technology company’s stock valued at $4,570,000 after buying an additional 19,880 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Arrow Electronics by 6.8% during the first quarter. Russell Investments Group Ltd. now owns 96,210 shares of the technology company’s stock valued at $12,456,000 after purchasing an additional 6,157 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Arrow Electronics by 368.7% during the 1st quarter. State of Alaska Department of Revenue now owns 27,412 shares of the technology company’s stock worth $3,548,000 after acquiring an additional 21,563 shares during the period. 99.34% of the stock is currently 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.