Public Employees Retirement System of Ohio lifted its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 20.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,187 shares of the technology company’s stock after purchasing an additional 8,564 shares during the period. Public Employees Retirement System of Ohio owned about 0.06% of Arrow Electronics worth $3,648,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of ARW. Bank of Montreal Can increased its stake in shares of Arrow Electronics by 312.7% during the 2nd quarter. Bank of Montreal Can now owns 296,385 shares of the technology company’s stock worth $21,123,000 after purchasing an additional 224,572 shares in the last quarter. AJO LP purchased a new stake in Arrow Electronics in the 1st quarter worth approximately $12,048,000. Prudential Financial Inc. grew its stake in Arrow Electronics by 35.7% in the 2nd quarter. Prudential Financial Inc. now owns 537,634 shares of the technology company’s stock worth $38,318,000 after acquiring an additional 141,520 shares during the period. State of Wisconsin Investment Board purchased a new stake in Arrow Electronics in the 1st quarter worth approximately $10,714,000. Finally, DNB Asset Management AS grew its stake in Arrow Electronics by 18.0% in the 2nd quarter. DNB Asset Management AS now owns 880,815 shares of the technology company’s stock worth $62,776,000 after acquiring an additional 134,600 shares during the period. 94.86% of the stock is owned by institutional investors and hedge funds.
ARW has been the subject of several recent analyst reports. Raymond James cut shares of Arrow Electronics from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $88.00 to $80.00 in a research note on Tuesday, July 2nd. Cross Research cut shares of Arrow Electronics from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Bank of America cut shares of Arrow Electronics from a “neutral” rating to an “underperform” rating in a research note on Tuesday, July 16th. ValuEngine raised shares of Arrow Electronics from a “sell” rating to a “hold” rating in a research note on Monday, July 22nd. Finally, Deutsche Bank initiated coverage on shares of Arrow Electronics in a research note on Tuesday, June 11th. They issued a “buy” rating and a $83.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Arrow Electronics currently has a consensus rating of “Hold” and an average target price of $77.02.
ARW stock traded down $0.74 during midday trading on Friday, hitting $76.62. The stock had a trading volume of 471,772 shares, compared to its average volume of 499,143. The firm has a market cap of $6.43 billion, a PE ratio of 8.68, a price-to-earnings-growth ratio of 2.50 and a beta of 1.38. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.64 and a quick ratio of 1.15. Arrow Electronics, Inc. has a 12-month low of $62.35 and a 12-month high of $86.62. The company’s 50-day moving average price is $69.94 and its 200 day moving average price is $73.02.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $1.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.04. The company had revenue of $7.34 billion during the quarter, compared to analyst estimates of $7.29 billion. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the business earned $2.20 EPS. As a group, sell-side analysts anticipate that Arrow Electronics, Inc. will post 7.25 EPS for the current year.
Arrow Electronics Company Profile
Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.
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