Arrow Electronics, Inc. (NYSE:ARW) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,023 shares of the technology company’s stock after selling 183 shares during the period. PNC Financial Services Group Inc.’s holdings in Arrow Electronics were worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in ARW. Dimensional Fund Advisors LP boosted its position in shares of Arrow Electronics by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,743,892 shares of the technology company’s stock worth $331,353,000 after buying an additional 325,122 shares during the period. Greenhaven Associates Inc. boosted its holdings in Arrow Electronics by 1.7% in the 2nd quarter. Greenhaven Associates Inc. now owns 1,882,880 shares of the technology company’s stock worth $227,377,000 after acquiring an additional 32,052 shares during the period. Cooke & Bieler LP grew its position in Arrow Electronics by 3.1% in the second quarter. Cooke & Bieler LP now owns 1,877,460 shares of the technology company’s stock valued at $226,722,000 after acquiring an additional 56,781 shares in the last quarter. Earnest Partners LLC raised its stake in shares of Arrow Electronics by 2.4% during the second quarter. Earnest Partners LLC now owns 1,407,576 shares of the technology company’s stock valued at $169,979,000 after purchasing an additional 33,051 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of Arrow Electronics by 9,044.0% during the second quarter. Pacer Advisors Inc. now owns 1,218,159 shares of the technology company’s stock valued at $147,105,000 after purchasing an additional 1,204,837 shares during the period. 99.34% of the stock is currently owned by institutional investors and hedge funds.

Arrow Electronics Price Performance

Shares of ARW stock opened at $119.39 on Thursday. The firm has a fifty day moving average of $127.45 and a two-hundred day moving average of $127.29. The firm has a market cap of $6.28 billion, a P/E ratio of 13.32 and a beta of 1.27. Arrow Electronics, Inc. has a 1-year low of $108.51 and a 1-year high of $137.80. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.09.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Raymond James lowered their price target on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Wells Fargo & Company raised 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. Finally, Truist Financial cut their price target 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $124.25.

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.