Arrow Electronics, Inc. (NYSE:ARW) Short Interest Up 5.6% in October

Arrow Electronics, Inc. (NYSE:ARW) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 2,460,000 shares, an increase of 5.6% from the September 30th total of 2,330,000 shares. Based on an average trading volume of 380,400 shares, the days-to-cover ratio is presently 6.5 days. Currently, 4.7% of the company’s shares are sold short.

Institutional Trading of Arrow Electronics

Institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in Arrow Electronics by 9,044.0% during the 2nd quarter. Pacer Advisors Inc. now owns 1,218,159 shares of the technology company’s stock worth $147,105,000 after buying an additional 1,204,837 shares during the last quarter. Boston Partners increased its stake in Arrow Electronics by 108.5% in the 1st quarter. Boston Partners now owns 1,001,443 shares of the technology company’s stock valued at $129,622,000 after purchasing an additional 521,117 shares in the last quarter. Lind Value II ApS acquired a new stake in Arrow Electronics in the first quarter valued at $66,949,000. Dimensional Fund Advisors LP grew its stake in Arrow Electronics by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,743,892 shares of the technology company’s stock valued at $331,353,000 after acquiring an additional 325,122 shares during the last quarter. Finally, Loews Corp acquired a new stake in shares of Arrow Electronics in the first quarter valued at approximately $25,892,000. Hedge funds and other institutional investors own 99.34% of the company’s stock.

Arrow Electronics Trading Up 2.0 %

ARW opened at $121.08 on Friday. The business has a fifty day moving average price of $131.57 and a 200 day moving average price of $128.16. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.48 and a quick ratio of 1.07. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 11.41 and a beta of 1.26. Arrow Electronics has a 12 month low of $108.51 and a 12 month high of $137.80.

Arrow Electronics (NYSE:ARW) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.15. The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.73 billion. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The company’s revenue for the quarter was down 14.8% on a year-over-year basis. During the same period in the previous year, the company earned $4.14 EPS. Sell-side analysts expect that Arrow Electronics will post 10.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Raymond James dropped their price target on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Friday. Truist Financial lowered their price target on Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a report on Friday. Finally, Wells Fargo & Company lifted their target price on shares of Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $124.25.

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.