Synovus Financial Corp Grows Stock Holdings in Arrow Electronics, Inc. (NYSE:ARW)

Synovus Financial Corp raised its holdings in Arrow Electronics, Inc. (NYSE:ARW) by 6.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,155 shares of the technology company’s stock after acquiring an additional 178 shares during the period. Synovus Financial Corp’s holdings in Arrow Electronics were worth $419,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its stake in Arrow Electronics by 19.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,101 shares of the technology company’s stock valued at $616,000 after purchasing an additional 831 shares during the last quarter. Raymond James & Associates grew its holdings in Arrow Electronics by 2.2% in the 2nd quarter. Raymond James & Associates now owns 57,363 shares of the technology company’s stock valued at $6,927,000 after buying an additional 1,262 shares during the period. Fifth Third Bancorp increased its stake in shares of Arrow Electronics by 0.3% during the 2nd quarter. Fifth Third Bancorp now owns 28,325 shares of the technology company’s stock valued at $3,421,000 after acquiring an additional 82 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in shares of Arrow Electronics during the 2nd quarter worth about $222,000. Finally, SummerHaven Investment Management LLC boosted its position in shares of Arrow Electronics by 2.3% in the second quarter. SummerHaven Investment Management LLC now owns 5,184 shares of the technology company’s stock worth $626,000 after acquiring an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 99.34% of the company’s stock.

Arrow Electronics Stock Down 1.8 %

ARW opened at $115.80 on Thursday. The company has a market cap of $6.09 billion, a PE ratio of 12.92 and a beta of 1.26. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.09 and a current ratio of 1.46. Arrow Electronics, Inc. has a 1 year low of $108.51 and a 1 year high of $137.80. The firm has a 50 day moving average price of $124.05 and a 200 day moving average price of $126.21.

Arrow Electronics (NYSE:ARW) last issued its 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 business had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.73 billion. During the same quarter last year, the firm posted $4.14 EPS. The business’s revenue for the quarter was down 14.8% compared to the same quarter last year. Sell-side analysts expect that Arrow Electronics, Inc. will post 10.23 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on ARW shares. Raymond James dropped their price target 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. Truist Financial cut 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.

Arrow Electronics 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.