Arrow Electronics, Inc. (NYSE:ARW) Sees Large Drop in Short Interest

Arrow Electronics, Inc. (NYSE:ARW) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 2,190,000 shares, a drop of 8.0% from the March 15th total of 2,380,000 shares. Based on an average daily trading volume, of 549,100 shares, the days-to-cover ratio is currently 4.0 days. Currently, 4.1% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Truist Financial reduced their target price on shares of Arrow Electronics from $128.00 to $124.00 and set a “hold” rating on the stock in a report on Friday, February 9th.

Arrow Electronics Trading Up 0.0 %

Arrow Electronics stock traded up $0.04 during trading hours on Tuesday, reaching $123.44. The stock had a trading volume of 608,981 shares, compared to its average volume of 553,150. The stock has a market cap of $6.66 billion, a PE ratio of 7.82 and a beta of 1.41. Arrow Electronics has a 52 week low of $108.51 and a 52 week high of $147.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.39 and a quick ratio of 1.00. The company has a fifty day simple moving average of $120.63 and a 200-day simple moving average of $119.06.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, February 8th. The technology company reported $3.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.72 by $0.26. The business had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.84 billion. Arrow Electronics had a net margin of 2.73% and a return on equity of 17.22%. The company’s revenue was down 15.8% on a year-over-year basis. During the same quarter last year, the firm earned $5.69 EPS. Analysts forecast that Arrow Electronics will post 11.53 EPS for the current fiscal year.

Insider Activity

In other news, insider Richard John Marano sold 1,900 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $116.46, for a total transaction of $221,274.00. Following the sale, the insider now owns 12,108 shares in the company, valued at approximately $1,410,097.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Yun Sung Cho sold 739 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $117.22, for a total transaction of $86,625.58. Following the transaction, the chief accounting officer now owns 1,389 shares of the company’s stock, valued at approximately $162,818.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Richard John Marano sold 1,900 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $116.46, for a total transaction of $221,274.00. Following the transaction, the insider now directly owns 12,108 shares in the company, valued at approximately $1,410,097.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,134 shares of company stock worth $488,795. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arrow Electronics

A number of large investors have recently added to or reduced their stakes in ARW. Vinva Investment Management Ltd increased its position in shares of Arrow Electronics by 4.7% during the third quarter. Vinva Investment Management Ltd now owns 1,888 shares of the technology company’s stock valued at $243,000 after buying an additional 85 shares during the period. Gladius Capital Management LP increased its position in shares of Arrow Electronics by 27.1% during the third quarter. Gladius Capital Management LP now owns 441 shares of the technology company’s stock valued at $55,000 after buying an additional 94 shares during the period. IFP Advisors Inc increased its position in shares of Arrow Electronics by 33.0% during the third quarter. IFP Advisors Inc now owns 403 shares of the technology company’s stock valued at $50,000 after buying an additional 100 shares during the period. Wetherby Asset Management Inc. increased its position in shares of Arrow Electronics by 3.5% during the first quarter. Wetherby Asset Management Inc. now owns 3,021 shares of the technology company’s stock valued at $358,000 after buying an additional 101 shares during the period. Finally, Nilsine Partners LLC increased its position in shares of Arrow Electronics by 2.3% during the third quarter. Nilsine Partners LLC now owns 4,861 shares of the technology company’s stock valued at $609,000 after buying an additional 110 shares during the period. Institutional investors own 99.34% of the company’s stock.

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.