Arrow Electronics (NYSE:ARW) Lowered to “Underweight” at Wells Fargo & Company

Arrow Electronics (NYSE:ARWGet Rating) was downgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Friday, September 16th, MarketBeat reports.

Several other equities analysts also recently issued reports on the company. StockNews.com downgraded Arrow Electronics from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 18th. The Goldman Sachs Group cut their target price on Arrow Electronics from $158.00 to $127.00 in a research report on Friday, July 15th.

Arrow Electronics Stock Performance

ARW traded down $1.72 during midday trading on Friday, reaching $92.72. The company had a trading volume of 4,166 shares, compared to its average volume of 536,475. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.53. Arrow Electronics has a 1 year low of $94.41 and a 1 year high of $137.95. The company has a market cap of $5.95 billion, a P/E ratio of 4.70, a P/E/G ratio of 1.26 and a beta of 1.39. The business has a 50-day moving average of $110.58 and a two-hundred day moving average of $114.97.

Arrow Electronics (NYSE:ARWGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The technology company reported $5.78 earnings per share for the quarter, topping the consensus estimate of $5.57 by $0.21. Arrow Electronics had a return on equity of 26.76% and a net margin of 3.87%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.40 billion. During the same period in the previous year, the firm posted $3.34 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, equities research analysts predict that Arrow Electronics will post 21.81 earnings per share for the current fiscal year.

Arrow Electronics announced that its board has approved a stock repurchase plan on Thursday, September 15th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Arrow Electronics

Several hedge funds have recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new stake in shares of Arrow Electronics during the 1st quarter worth about $25,000. Allworth Financial LP purchased a new position in Arrow Electronics in the 1st quarter valued at about $26,000. Financial Management Professionals Inc. lifted its stake in Arrow Electronics by 95.7% in the 1st quarter. Financial Management Professionals Inc. now owns 225 shares of the technology company’s stock valued at $27,000 after buying an additional 110 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Arrow Electronics by 830.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 307 shares of the technology company’s stock valued at $34,000 after buying an additional 274 shares in the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new position in Arrow Electronics in the 1st quarter valued at about $52,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

About Arrow Electronics

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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.

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