Assenagon Asset Management S.A. Sells 194,604 Shares of Arrow Electronics, Inc. (NYSE:ARW)

Assenagon Asset Management S.A. reduced its stake in Arrow Electronics, Inc. (NYSE:ARW) by 34.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 364,077 shares of the technology company’s stock after selling 194,604 shares during the period. Assenagon Asset Management S.A. owned approximately 0.68% of Arrow Electronics worth $48,360,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Arrow Electronics by 3.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 10,816 shares of the technology company’s stock valued at $1,400,000 after acquiring an additional 373 shares during the period. State of Michigan Retirement System grew its holdings in shares of Arrow Electronics by 1.5% in the 1st quarter. State of Michigan Retirement System now owns 13,175 shares of the technology company’s stock worth $1,706,000 after purchasing an additional 200 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Arrow Electronics by 368.7% during the 1st quarter. State of Alaska Department of Revenue now owns 27,412 shares of the technology company’s stock worth $3,548,000 after purchasing an additional 21,563 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Arrow Electronics by 2.4% during the 1st quarter. Commonwealth Equity Services LLC now owns 4,623 shares of the technology company’s stock valued at $598,000 after purchasing an additional 108 shares during the last quarter. Finally, Perigon Wealth Management LLC acquired a new position in Arrow Electronics in the first quarter valued at about $463,000. 99.34% of the stock is owned by institutional investors and hedge funds.

Arrow Electronics Price Performance

Arrow Electronics stock opened at $133.81 on Friday. The business’s 50-day simple moving average is $131.50 and its 200 day simple moving average is $128.02. The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.43. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 10.52 and a beta of 1.26. Arrow Electronics, Inc. has a 12-month low of $108.51 and a 12-month high of $137.39.

Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, August 1st. The technology company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.62. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The company had revenue of $6.89 billion for the quarter, compared to analyst estimates of $6.52 billion. During the same quarter last year, the firm earned $4.37 EPS. The company’s revenue for the quarter was down 19.0% on a year-over-year basis. As a group, research analysts anticipate that Arrow Electronics, Inc. will post 10.74 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Arrow Electronics from $100.00 to $110.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Truist Financial lifted their price objective on Arrow Electronics from $124.00 to $141.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Finally, Raymond James increased their target price on Arrow Electronics from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $130.75.

Arrow Electronics 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.