Vanguard Group Inc. raised its stake in shares of Arrow Electronics Inc. (NYSE:ARW) by 4.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 6,978,768 shares of the company’s stock after buying an additional 280,549 shares during the period. Vanguard Group Inc. owned 7.65% of Arrow Electronics worth $431,986,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in ARW. Weaver C. Barksdale & Associates Inc. boosted its position in shares of Arrow Electronics by 8.9% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 1,679 shares of the company’s stock valued at $104,000 after buying an additional 137 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Arrow Electronics by 3.7% in the second quarter. CIBC Asset Management Inc now owns 4,161 shares of the company’s stock valued at $258,000 after buying an additional 147 shares during the last quarter. Balasa Dinverno & Foltz LLC acquired a new position in shares of Arrow Electronics during the second quarter valued at $275,000. Acrospire Investment Management LLC acquired a new position in shares of Arrow Electronics during the first quarter valued at $277,000. Finally, Synovus Financial Corp boosted its position in shares of Arrow Electronics by 0.6% in the second quarter. Synovus Financial Corp now owns 4,479 shares of the company’s stock valued at $280,000 after buying an additional 25 shares during the last quarter. 93.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of Arrow Electronics Inc. (NYSE:ARW) opened at 63.98 on Wednesday. Arrow Electronics Inc. has a 52 week low of $45.23 and a 52 week high of $68.07. The stock has a market cap of $5.84 billion, a price-to-earnings ratio of 11.79 and a beta of 1.49. The stock’s 50 day moving average is $64.34 and its 200 day moving average is $63.98.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.01. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $6.04 billion. Arrow Electronics had a net margin of 2.13% and a return on equity of 13.94%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 earnings per share. On average, equities analysts forecast that Arrow Electronics Inc. will post $6.65 EPS for the current year.
Several equities analysts recently weighed in on ARW shares. Goldman Sachs Group Inc. cut shares of Arrow Electronics from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, July 7th. Zacks Investment Research raised shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Tuesday, July 5th. SunTrust Banks Inc. reissued a “buy” rating on shares of Arrow Electronics in a research report on Saturday, June 25th. Brean Capital set a $70.00 target price on shares of Arrow Electronics and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, Citigroup Inc. lifted their target price on shares of Arrow Electronics from $48.00 to $57.00 and gave the stock a “sell” rating in a research report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $63.33.
In other news, General Counsel Gregory Tarpinian sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $66.40, for a total value of $66,400.00. Following the transaction, the general counsel now owns 6,099 shares in the company, valued at $404,973.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Michael J. Long sold 44,777 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $66.35, for a total transaction of $2,970,953.95. Following the completion of the transaction, the chairman now owns 308,393 shares in the company, valued at approximately $20,461,875.55. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
Arrow Electronics Company Profile
Arrow Electronics, Inc is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from electronic components and enterprise computing solutions suppliers, coupled with a range of services, solutions and tools for industrial and commercial customers.
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