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

Synovus Financial Corp grew its stake in Arrow Electronics, Inc. (NYSE:ARW) by 6.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,155 shares of the technology company’s stock after purchasing 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.

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

Analysts Set New Price Targets

Several brokerages have recently commented on ARW. Raymond James decreased their price target on Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Truist Financial decreased 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 Stock Down 1.8 %

ARW stock opened at $115.80 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.09. The company’s 50 day simple moving average is $124.05 and its 200-day simple moving average is $126.21. Arrow Electronics, Inc. has a 12 month low of $108.51 and a 12 month high of $137.80. The firm has a market capitalization of $6.09 billion, a PE ratio of 12.92 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last announced 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 return on equity of 10.71% and a net margin of 1.71%. The firm had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.73 billion. During the same quarter in the prior year, the firm earned $4.14 EPS. Arrow Electronics’s quarterly revenue was down 14.8% on a year-over-year basis. Equities analysts expect that Arrow Electronics, Inc. will post 10.23 earnings per share for the current fiscal year.

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.