Arrow Electronics (NYSE:ARW) Cut to Underperform at Bank of America

Bank of America cut shares of Arrow Electronics (NYSE:ARW) from a neutral rating to an underperform rating in a report released on Friday morning, Marketbeat reports.

ARW has been the topic of several other reports. Truist Financial reduced their price objective on Arrow Electronics from $141.00 to $120.00 and set a “hold” rating on the stock in a research note on Friday, November 1st. Raymond James reduced their price target on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, Wells Fargo & Company dropped their price objective on shares of Arrow Electronics from $100.00 to $98.00 and set an “underweight” rating for the company in a research report on Friday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $121.25.

Arrow Electronics Price Performance

Arrow Electronics stock opened at $107.15 on Friday. Arrow Electronics has a 1 year low of $105.00 and a 1 year high of $137.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.09 and a current ratio of 1.46. The firm has a 50 day moving average price of $116.05 and a 200 day moving average price of $123.41. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 14.72 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.17. Arrow Electronics had a net margin of 1.40% and a return on equity of 9.69%. Sell-side analysts predict that Arrow Electronics will post 12.81 earnings per share for the current year.

Institutional Trading of Arrow Electronics

Large investors have recently bought and sold shares of the company. BOK Financial Private Wealth Inc. acquired a new position in shares of Arrow Electronics during the fourth quarter worth $25,000. True Wealth Design LLC acquired a new position in Arrow Electronics in the 3rd quarter worth $31,000. Brooklyn Investment Group purchased a new position in Arrow Electronics in the 3rd quarter valued at about $40,000. Principal Securities Inc. grew its stake in shares of Arrow Electronics by 35.7% during the fourth quarter. Principal Securities Inc. now owns 479 shares of the technology company’s stock valued at $54,000 after acquiring an additional 126 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of Arrow Electronics by 24.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 568 shares of the technology company’s stock worth $64,000 after acquiring an additional 112 shares during the last quarter. Institutional investors and hedge funds own 99.34% of the company’s stock.

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.