Renaissance Technologies LLC Sells 53,200 Shares of Arrow Electronics, Inc. (NYSE:ARW)

Renaissance Technologies LLC trimmed its holdings in Arrow Electronics, Inc. (NYSE:ARW) by 27.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,300 shares of the technology company’s stock after selling 53,200 shares during the quarter. Renaissance Technologies LLC owned 0.26% of Arrow Electronics worth $16,580,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Private Advisor Group LLC acquired a new stake in Arrow Electronics in the 4th quarter worth $204,000. Principal Securities Inc. acquired a new stake in Arrow Electronics during the fourth quarter worth about $56,000. Norges Bank bought a new position in Arrow Electronics during the fourth quarter valued at about $79,027,000. Assetmark Inc. raised its holdings in Arrow Electronics by 1.9% in the 4th quarter. Assetmark Inc. now owns 12,265 shares of the technology company’s stock valued at $1,499,000 after acquiring an additional 224 shares in the last quarter. Finally, Johnson Financial Group Inc. lifted its position in shares of Arrow Electronics by 17.1% in the 4th quarter. Johnson Financial Group Inc. now owns 937 shares of the technology company’s stock worth $115,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 99.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ARW. Truist Financial upped their target price on Arrow Electronics from $124.00 to $141.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Wells Fargo & Company increased their price objective on shares of Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Raymond James lifted their target price on shares of Arrow Electronics from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group increased their price target on shares of Arrow Electronics from $116.00 to $132.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Arrow Electronics currently has an average rating of “Hold” and an average target price of $130.75.

Arrow Electronics Stock Down 1.7 %

Shares of NYSE ARW opened at $131.64 on Friday. Arrow Electronics, Inc. has a 52-week low of $108.51 and a 52-week high of $136.93. 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 business has a fifty day moving average of $127.46 and a two-hundred day moving average of $126.50. The stock has a market cap of $7.01 billion, a PE ratio of 10.35 and a beta of 1.27.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.62. The firm had revenue of $6.89 billion during the quarter, compared to the consensus estimate 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 period last year, the firm posted $4.37 EPS. As a group, equities research analysts expect that Arrow Electronics, Inc. will post 10.74 earnings per share for the current fiscal year.

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.