Retirement Systems of Alabama Boosts Stake in Arrow Electronics Inc. (ARW)
Retirement Systems of Alabama raised its position in shares of Arrow Electronics Inc. (NYSE:ARW) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,206 shares of the company’s stock after buying an additional 939 shares during the period. Retirement Systems of Alabama’s holdings in Arrow Electronics were worth $7,317,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Weaver C. Barksdale & Associates Inc. increased its position in Arrow Electronics by 8.9% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 1,679 shares of the company’s stock worth $104,000 after buying an additional 137 shares in the last quarter. Balasa Dinverno & Foltz LLC acquired a new position in Arrow Electronics during the second quarter worth $275,000. Parametrica Management Ltd acquired a new position in Arrow Electronics during the second quarter worth $326,000. Pacad Investment Ltd. increased its position in Arrow Electronics by 21.0% in the first quarter. Pacad Investment Ltd. now owns 7,500 shares of the company’s stock worth $483,000 after buying an additional 1,300 shares in the last quarter. Finally, LS Investment Advisors LLC raised its position in Arrow Electronics by 35.9% in the second quarter. LS Investment Advisors LLC now owns 8,671 shares of the company’s stock worth $537,000 after buying an additional 2,292 shares during the last quarter. Institutional investors and hedge funds own 93.67% of the company’s stock.
Arrow Electronics Inc. (NYSE:ARW) traded down 0.84% during mid-day trading on Friday, reaching $64.08. 328,689 shares of the company’s stock traded hands. Arrow Electronics Inc. has a 1-year low of $45.23 and a 1-year high of $68.07. The firm has a 50 day moving average of $64.20 and a 200 day moving average of $64.00. The firm has a market cap of $5.85 billion, a PE ratio of 11.81 and a beta of 1.49.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.65 EPS 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 analyst estimates of $6.04 billion. Arrow Electronics had a net margin of 2.13% and a return on equity of 13.94%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.54 earnings per share. Analysts forecast that Arrow Electronics Inc. will post $6.65 EPS for the current year.
A number of research firms recently issued reports on ARW. SunTrust Banks Inc. reiterated a “buy” rating on shares of Arrow Electronics in a research note on Saturday, June 25th. Zacks Investment Research upgraded 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 note on Tuesday, July 5th. Citigroup Inc. raised their target price on shares of Arrow Electronics from $48.00 to $57.00 and gave the company a “sell” rating in a research note on Wednesday, August 3rd. Brean Capital set a $70.00 target price on shares of Arrow Electronics and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. lowered shares of Arrow Electronics from a “buy” rating to a “neutral” rating and lowered their target price for the company from $72.00 to $63.00 in a research note on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently 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 business’s stock in a transaction 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 sale, the general counsel now owns 6,099 shares of the company’s stock, valued at $404,973.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Michael J. Long sold 44,777 shares of the business’s stock in a transaction 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 sale, the chairman now directly 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.
About Arrow Electronics
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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