HighTower Advisors LLC Buys 717 Shares of Arrow Electronics, Inc. (NYSE:ARW)

HighTower Advisors LLC boosted its stake in Arrow Electronics, Inc. (NYSE:ARW) by 4.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 18,501 shares of the technology company’s stock after purchasing an additional 717 shares during the period. HighTower Advisors LLC’s holdings in Arrow Electronics were worth $2,461,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. True Wealth Design LLC bought a new position in shares of Arrow Electronics during the 3rd quarter worth $31,000. Brooklyn Investment Group bought a new position in Arrow Electronics during the third quarter worth about $40,000. Capital Performance Advisors LLP bought a new position in Arrow Electronics during the third quarter worth about $73,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Arrow Electronics in the third quarter worth about $78,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Arrow Electronics in the third quarter valued at approximately $88,000. 99.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Truist Financial cut 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 cut their price target on Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Friday, November 1st.

Arrow Electronics Price Performance

Shares of NYSE:ARW opened at $120.40 on Friday. The company has a 50 day moving average of $124.58 and a 200 day moving average of $126.42. The company has a current ratio of 1.46, a quick ratio of 1.09 and a debt-to-equity ratio of 0.39. The stock has a market cap of $6.33 billion, a P/E ratio of 13.44 and a beta of 1.26. Arrow Electronics, Inc. has a 12 month low of $108.51 and a 12 month high of $137.80.

Arrow Electronics (NYSE:ARW) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $0.15. Arrow Electronics had a net margin of 1.71% and a return on equity of 10.71%. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.73 billion. During the same period in the previous year, the business earned $4.14 EPS. The business’s revenue for the quarter was down 14.8% on a year-over-year basis. As a group, sell-side analysts forecast that Arrow Electronics, Inc. will post 10.23 EPS for the current fiscal 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.