Assenagon Asset Management S.A. Sells 144,516 Shares of Arrow Electronics, Inc. (NYSE:ARW)

Assenagon Asset Management S.A. cut its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 39.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 219,561 shares of the technology company’s stock after selling 144,516 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.42% of Arrow Electronics worth $24,837,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. True Wealth Design LLC bought a new stake in shares of Arrow Electronics in the third quarter valued at about $31,000. Brooklyn Investment Group purchased a new stake in Arrow Electronics in the third quarter valued at about $40,000. Capital Performance Advisors LLP acquired a new stake in Arrow Electronics in the 3rd quarter worth approximately $73,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Arrow Electronics during the third quarter worth $78,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Arrow Electronics during the 3rd quarter worth about $88,000. Institutional investors own 99.34% of the company’s stock.

Arrow Electronics Stock Up 0.7 %

Arrow Electronics stock opened at $115.02 on Friday. The business’s 50-day moving average price is $116.61 and its 200 day moving average price is $123.99. The company has a quick ratio of 1.09, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of 12.84 and a beta of 1.26. Arrow Electronics, Inc. has a 52 week low of $108.51 and a 52 week high of $137.80.

Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, October 31st. The technology company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.15. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.73 billion. Arrow Electronics had a net margin of 1.71% and a return on equity of 10.71%. The business’s revenue was down 14.8% compared to the same quarter last year. During the same period in the previous year, the business posted $4.14 EPS. As a group, sell-side analysts anticipate that Arrow Electronics, Inc. will post 10.23 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wells Fargo & Company cut their price objective on Arrow Electronics from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Monday. Truist Financial reduced their price target on shares of Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a research report on Friday, November 1st. Finally, Raymond James dropped their price objective on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Friday, November 1st.

Arrow Electronics Company 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.