Arrow Electronics (NYSE:ARW) Downgraded by Bank of America to "Underperform"

Bank of America downgraded shares of Arrow Electronics (NYSE:ARW - Free Report) from a neutral rating to an underperform rating in a research note released on Friday morning, MarketBeat reports.

Other research analysts have also issued reports about the stock. Truist Financial decreased their price objective on shares of Arrow Electronics from $141.00 to $120.00 and set a "hold" rating for the company in a report on Friday, November 1st. Raymond James decreased their price objective 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. Finally, Wells Fargo & Company decreased their price objective on shares of Arrow Electronics from $100.00 to $98.00 and set an "underweight" rating for the company in a report on Friday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $121.25.

Arrow Electronics Stock Down 0.5 %

ARW traded down $0.50 during trading hours on Friday, reaching $107.31. 367,007 shares of the stock traded hands, compared to its average volume of 501,740. The firm's fifty day simple moving average is $115.75 and its two-hundred day simple moving average is $123.32. The company has a market cap of $5.64 billion, a price-to-earnings ratio of 14.72 and a beta of 1.26. Arrow Electronics has a fifty-two week low of $105.00 and a fifty-two week high of $137.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.46 and a quick ratio of 1.09.

Arrow Electronics (NYSE:ARW - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.17. Arrow Electronics had a net margin of 1.40% and a return on equity of 9.69%. As a group, analysts forecast that Arrow Electronics will post 12.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ARW. BOK Financial Private Wealth Inc. bought a new stake in Arrow Electronics in the 4th quarter valued at about $25,000. True Wealth Design LLC bought a new stake in Arrow Electronics in the 3rd quarter valued at about $31,000. Brooklyn Investment Group bought a new stake in Arrow Electronics in the 3rd quarter valued at about $40,000. Principal Securities Inc. lifted its position in Arrow Electronics by 35.7% in the 4th quarter. Principal Securities Inc. now owns 479 shares of the technology company's stock valued at $54,000 after purchasing an additional 126 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Arrow Electronics in the 3rd quarter valued at about $73,000. 99.34% of the stock is owned by institutional investors and hedge funds.

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.