Cubist Systematic Strategies LLC lessened its holdings in Arrow Electronics, Inc. (NYSE:ARW) by 43.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 17,962 shares of the technology company’s stock after selling 13,650 shares during the period. Cubist Systematic Strategies LLC’s holdings in Arrow Electronics were worth $1,352,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Signaturefd LLC purchased a new position in shares of Arrow Electronics during the first quarter valued at about $131,000. TLP Group LLC bought a new position in shares of Arrow Electronics in the 1st quarter valued at about $152,000. Financial Gravity Wealth Inc. bought a new position in shares of Arrow Electronics in the 1st quarter valued at about $181,000. GWM Advisors LLC bought a new position in shares of Arrow Electronics in the 2nd quarter valued at about $200,000. Finally, UMB Bank N A MO bought a new position in shares of Arrow Electronics in the 2nd quarter valued at about $202,000. Institutional investors and hedge funds own 92.81% of the company’s stock.
Shares of NYSE:ARW opened at $76.58 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.71. Arrow Electronics, Inc. has a 12 month low of $72.31 and a 12 month high of $87.26. The stock has a market capitalization of $6.59 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 0.90 and a beta of 1.12.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, August 2nd. The technology company reported $2.20 EPS for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.05. Arrow Electronics had a net margin of 1.72% and a return on equity of 14.81%. The firm had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.25 billion. During the same quarter last year, the firm earned $1.78 EPS. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. sell-side analysts forecast that Arrow Electronics, Inc. will post 8.88 earnings per share for the current year.
A number of research analysts recently commented on the stock. Zacks Investment Research raised shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Tuesday, July 17th. Pivotal Research set a $98.00 price target on shares of Arrow Electronics and gave the company a “buy” rating in a report on Monday, May 28th. ValuEngine downgraded shares of Arrow Electronics from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. Finally, Wells Fargo & Co assumed coverage on shares of Arrow Electronics in a report on Tuesday, July 17th. They issued an “outperform” rating and a $90.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Arrow Electronics presently has an average rating of “Buy” and a consensus price target of $88.17.
In other Arrow Electronics news, insider Vincent P. Melvin sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $78.10, for a total value of $156,200.00. Following the completion of the sale, the insider now owns 16,371 shares of the company’s stock, valued at $1,278,575.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Gretchen Zech sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $77.00, for a total transaction of $346,500.00. Following the completion of the sale, the senior vice president now directly owns 21,814 shares of the company’s stock, valued at approximately $1,679,678. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
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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