Principal Financial Group Inc. Lowers Position in Arrow Electronics, Inc. (NYSE:ARW)

Principal Financial Group Inc. lowered its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 30.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,597 shares of the technology company’s stock after selling 54,705 shares during the quarter. Principal Financial Group Inc.’s holdings in Arrow Electronics were worth $16,285,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in shares of Arrow Electronics by 794.6% during the 2nd quarter. Versant Capital Management Inc now owns 331 shares of the technology company’s stock valued at $40,000 after buying an additional 294 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Arrow Electronics during the 3rd quarter worth about $78,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Arrow Electronics during the 3rd quarter valued at about $88,000. GAMMA Investing LLC boosted its stake in shares of Arrow Electronics by 24.6% in the 3rd quarter. GAMMA Investing LLC now owns 695 shares of the technology company’s stock valued at $92,000 after buying an additional 137 shares during the period. Finally, Quarry LP purchased a new stake in Arrow Electronics during the second quarter worth approximately $107,000. Institutional investors and hedge funds own 99.34% of the company’s stock.

Arrow Electronics Stock Down 0.0 %

ARW stock opened at $115.18 on Friday. The company has a 50-day moving average of $128.61 and a two-hundred day moving average of $127.68. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 12.85 and a beta of 1.27. 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, Inc. has a 52-week low of $108.51 and a 52-week high of $137.80.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.15. Arrow Electronics had a net margin of 1.71% and a return on equity of 10.71%. The company had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.73 billion. During the same quarter last year, the business posted $4.14 earnings per share. The company’s revenue was down 14.8% on a year-over-year basis. As a group, equities research analysts anticipate that Arrow Electronics, Inc. will post 10.29 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ARW shares. Truist Financial cut their target price on Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a research note on Friday, November 1st. Wells Fargo & Company raised 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 lowered their price objective on Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus 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.