Corient Private Wealth LP acquired a new position in shares of Arrow Electronics, Inc. (NYSE:ARW – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 105,118 shares of the technology company’s stock, valued at approximately $22,433,000.
A number of other institutional investors have also recently bought and sold shares of ARW. MUFG Securities EMEA plc bought a new stake in Arrow Electronics in the 4th quarter worth approximately $14,544,000. Intech Investment Management LLC grew its position in Arrow Electronics by 92.3% during the fourth quarter. Intech Investment Management LLC now owns 10,042 shares of the technology company’s stock valued at $1,106,000 after acquiring an additional 4,821 shares during the last quarter. Atria Investments Inc raised its stake in shares of Arrow Electronics by 48.0% during the fourth quarter. Atria Investments Inc now owns 80,092 shares of the technology company’s stock worth $8,825,000 after acquiring an additional 25,965 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Arrow Electronics by 306.8% in the 1st quarter. Empowered Funds LLC now owns 36,928 shares of the technology company’s stock worth $5,296,000 after acquiring an additional 27,851 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Arrow Electronics by 307.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,920 shares of the technology company’s stock worth $47,147,000 after acquiring an additional 166,762 shares during the last quarter. Institutional investors and hedge funds own 99.34% of the company’s stock.
Arrow Electronics Stock Down 2.5%
Shares of Arrow Electronics stock opened at $203.70 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.01 and a current ratio of 1.22. Arrow Electronics, Inc. has a 52-week low of $101.79 and a 52-week high of $237.33. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 0.32 and a beta of 1.20. The company’s 50 day moving average price is $210.78 and its 200-day moving average price is $189.02.
Arrow Electronics announced that its board has authorized a share buyback program on Wednesday, May 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the technology company to purchase up to 9.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Wall Street Analyst Weigh In
ARW has been the topic of several recent research reports. Zacks Research lowered shares of Arrow Electronics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Wall Street Zen raised shares of Arrow Electronics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Bank of America raised shares of Arrow Electronics from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $122.00 to $233.00 in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Arrow Electronics in a research note on Friday, August 21st. Finally, Wells Fargo & Company lifted their price objective on Arrow Electronics from $175.00 to $200.00 and gave the stock an “underweight” rating in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $233.25.
Arrow Electronics Profile
Arrow Electronics (NYSE: ARW) is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company offers a broad portfolio of semiconductors, passives, connectors, electromechanical devices and embedded solutions, serving customers across diverse end markets including automotive, communications, computing, aerospace, defense and healthcare. Through its extensive supplier relationships, Arrow enables design engineers to identify and procure components required for the development of new electronic systems and devices.
In addition to component distribution, Arrow delivers value-added services such as design engineering support, supply chain management, global logistics and technical training.
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