Arrow Electronics, Inc. (NYSE:ARW) Position Cut by Mackenzie Financial Corp

Mackenzie Financial Corp lowered its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 44.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,729 shares of the technology company’s stock after selling 21,008 shares during the period. Mackenzie Financial Corp owned approximately 0.05% of Arrow Electronics worth $3,228,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ARW. Rise Advisors LLC bought a new stake in shares of Arrow Electronics during the 1st quarter worth about $32,000. Versant Capital Management Inc lifted 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 purchasing an additional 294 shares during the period. Whittier Trust Co. of Nevada Inc. lifted 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 purchasing an additional 150 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Arrow Electronics during the 1st quarter valued at $81,000. Finally, Covestor Ltd increased its position in shares of Arrow Electronics by 16.9% during the 1st quarter. Covestor Ltd now owns 1,026 shares of the technology company’s stock valued at $133,000 after purchasing an additional 148 shares during the period. Institutional investors and hedge funds own 99.34% of the company’s stock.

Arrow Electronics Stock Down 0.8 %

NYSE:ARW opened at $131.79 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. Arrow Electronics, Inc. has a 1-year low of $108.51 and a 1-year high of $136.93. The business’s fifty day moving average price is $128.47 and its 200 day moving average price is $127.02. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of 10.36 and a beta of 1.27.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.16 by $0.62. The business 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% compared to the same quarter last year. During the same period last year, the company posted $4.37 earnings per share. On average, sell-side analysts forecast that Arrow Electronics, Inc. will post 10.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on ARW. Truist Financial boosted their price target on shares of Arrow Electronics from $124.00 to $141.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Wells Fargo & Company increased their price objective 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, Raymond James boosted their price objective on Arrow Electronics from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Arrow Electronics has an average rating of “Hold” and an average price target of $130.75.

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.