Truist Financial Corp Buys 700 Shares of Arrow Electronics, Inc. (NYSE:ARW)

Truist Financial Corp boosted its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 6.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,028 shares of the technology company’s stock after purchasing an additional 700 shares during the period. Truist Financial Corp’s holdings in Arrow Electronics were worth $1,332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new position in Arrow Electronics in the first quarter worth approximately $32,000. Versant Capital Management Inc raised its position 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 acquiring an additional 294 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in Arrow Electronics by 76.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 346 shares of the technology company’s stock worth $45,000 after acquiring an additional 150 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Arrow Electronics in the first quarter worth approximately $81,000. Finally, Quarry LP bought a new position in Arrow Electronics in the second quarter worth approximately $107,000. Institutional investors own 99.34% of the company’s stock.

Arrow Electronics Trading Up 0.8 %

ARW stock opened at $133.57 on Friday. The firm has a fifty day moving average price of $129.99 and a 200 day moving average price of $127.64. Arrow Electronics, Inc. has a fifty-two week low of $108.51 and a fifty-two 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 firm has a market cap of $7.07 billion, a PE ratio of 12.59 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, August 1st. The technology company reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.16 by $0.62. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The firm had revenue of $6.89 billion during the quarter, compared to analyst estimates of $6.52 billion. During the same period last year, the firm posted $4.37 earnings per share. Arrow Electronics’s revenue for the quarter was down 19.0% compared to the same quarter last year. Sell-side analysts anticipate that Arrow Electronics, Inc. will post 10.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Raymond James raised their price objective 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. Truist Financial upped 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. Finally, Wells Fargo & Company lifted their target price on Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Arrow Electronics presently 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.