Franklin Resources Inc. Grows Stake in Arrow Electronics, Inc. (NYSE:ARW)

Franklin Resources Inc. grew its holdings in Arrow Electronics, Inc. (NYSE:ARW - Free Report) by 1,072.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,265 shares of the technology company's stock after purchasing an additional 37,746 shares during the period. Franklin Resources Inc. owned about 0.08% of Arrow Electronics worth $5,564,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ARW. Peapack Gladstone Financial Corp raised its holdings in shares of Arrow Electronics by 2.8% during the third quarter. Peapack Gladstone Financial Corp now owns 46,664 shares of the technology company's stock valued at $6,198,000 after purchasing an additional 1,251 shares during the last quarter. Synovus Financial Corp raised its stake in Arrow Electronics by 6.0% during the 3rd quarter. Synovus Financial Corp now owns 3,155 shares of the technology company's stock valued at $419,000 after buying an additional 178 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Arrow Electronics by 3.5% during the 3rd quarter. Tidal Investments LLC now owns 7,223 shares of the technology company's stock valued at $959,000 after buying an additional 245 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Arrow Electronics in the 3rd quarter worth $621,000. Finally, Te Ahumairangi Investment Management Ltd grew its holdings in shares of Arrow Electronics by 4.6% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 31,847 shares of the technology company's stock worth $4,206,000 after acquiring an additional 1,400 shares during the period. Hedge funds and other institutional investors own 99.34% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Truist Financial dropped their target price on Arrow Electronics from $141.00 to $120.00 and set a "hold" rating on the stock in a research report on Friday, November 1st. Raymond James cut their target price on shares of Arrow Electronics from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Friday, November 1st.

Arrow Electronics Stock Performance

ARW traded up $0.53 during midday trading on Tuesday, reaching $115.47. The company had a trading volume of 131,649 shares, compared to its average volume of 463,531. Arrow Electronics, Inc. has a 1 year low of $108.51 and a 1 year high of $137.80. 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 company has a market cap of $6.07 billion, a P/E ratio of 12.89 and a beta of 1.26. The business has a 50-day moving average of $122.20 and a two-hundred day moving average of $125.63.

Arrow Electronics (NYSE:ARW - Get Free Report) last released its 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. The company had revenue of $6.82 billion for 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 firm's revenue was down 14.8% compared to the same quarter last year. During the same quarter last year, the business earned $4.14 EPS. As a group, equities research analysts predict that Arrow Electronics, Inc. will post 10.23 earnings per share for the current fiscal year.

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.