Principal Financial Group Inc. Sells 54,705 Shares of Arrow Electronics, Inc. (NYSE:ARW)

Principal Financial Group Inc. cut its stake in Arrow Electronics, Inc. (NYSE:ARW - Free Report) by 30.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 122,597 shares of the technology company's stock after selling 54,705 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Arrow Electronics worth $16,285,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in Arrow Electronics by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,743,892 shares of the technology company's stock valued at $331,353,000 after purchasing an additional 325,122 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Arrow Electronics by 71.9% in the 3rd quarter. Pacer Advisors Inc. now owns 2,094,555 shares of the technology company's stock valued at $278,220,000 after buying an additional 876,396 shares during the period. Cooke & Bieler LP increased its position in shares of Arrow Electronics by 3.1% in the 2nd quarter. Cooke & Bieler LP now owns 1,877,460 shares of the technology company's stock valued at $226,722,000 after buying an additional 56,781 shares in the last quarter. State Street Corp raised its stake in Arrow Electronics by 0.3% during the 3rd quarter. State Street Corp now owns 1,689,695 shares of the technology company's stock worth $224,442,000 after buying an additional 4,811 shares during the period. Finally, Earnest Partners LLC raised its stake in Arrow Electronics by 2.4% during the 2nd quarter. Earnest Partners LLC now owns 1,407,576 shares of the technology company's stock worth $169,979,000 after buying an additional 33,051 shares during the period. 99.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ARW has been the subject of a number of research analyst reports. Raymond James reduced 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 note on Friday, November 1st. Truist Financial reduced their price target on Arrow Electronics from $141.00 to $120.00 and set a "hold" rating for the company in a report on Friday, November 1st.

Arrow Electronics Stock Performance

Shares of NYSE ARW traded down $1.06 during mid-day trading on Friday, reaching $113.97. 235,379 shares of the company were exchanged, compared to its average volume of 462,078. Arrow Electronics, Inc. has a twelve month low of $108.51 and a twelve month high of $137.80. The stock has a market capitalization of $5.99 billion, a P/E ratio of 12.72 and a beta of 1.26. The company's 50-day simple moving average is $120.90 and its 200-day simple moving average is $125.35. The company has a quick ratio of 1.09, a current ratio of 1.46 and a debt-to-equity ratio of 0.39.

Arrow Electronics (NYSE:ARW - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.15. The firm had revenue of $6.82 billion during the quarter, compared to analysts' expectations of $6.73 billion. Arrow Electronics had a return on equity of 10.71% and a net margin of 1.71%. The company's quarterly revenue was down 14.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.14 EPS. As a group, research analysts predict that Arrow Electronics, Inc. will post 10.23 earnings per share for the current year.

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.