Russell Investments Group Ltd. increased its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 18.7% in the 3rd quarter, Holdings Channel reports. The firm owned 294,458 shares of the technology company’s stock after acquiring an additional 46,353 shares during the quarter. Russell Investments Group Ltd.’s holdings in Arrow Electronics were worth $21,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of ARW. Qube Research & Technologies Ltd purchased a new position in Arrow Electronics in the second quarter valued at $103,000. ELM Advisors LLC purchased a new position in Arrow Electronics in the third quarter valued at $109,000. Cerebellum GP LLC purchased a new position in Arrow Electronics in the third quarter valued at $168,000. GWM Advisors LLC purchased a new position in Arrow Electronics in the second quarter valued at $200,000. Finally, UMB Bank N A MO purchased a new position in Arrow Electronics in the second quarter valued at $202,000. 92.78% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Vincent P. Melvin sold 2,000 shares of Arrow Electronics 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 sale, the insider now owns 16,371 shares in the company, valued at $1,278,575.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is owned by company insiders.
ARW has been the subject of a number of recent analyst reports. Wells Fargo & Co initiated coverage on shares of Arrow Electronics in a report on Tuesday, July 17th. They issued an “outperform” rating and a $90.00 price objective for the company. Zacks Investment Research raised shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a report on Tuesday, July 17th. Finally, Citigroup upgraded shares of Arrow Electronics from a “sell” rating to a “neutral” rating in a research report on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $86.00.
Shares of NYSE ARW opened at $74.42 on Wednesday. Arrow Electronics, Inc. has a 52-week low of $64.04 and a 52-week high of $87.26. The stock has a market capitalization of $6.54 billion, a PE ratio of 9.84, a P/E/G ratio of 0.90 and a beta of 1.16. The company has a current ratio of 1.62, a quick ratio of 1.15 and a debt-to-equity ratio of 0.63.
Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, November 1st. The technology company reported $2.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.16 by $0.02. Arrow Electronics had a net margin of 1.84% and a return on equity of 15.12%. The business had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same quarter last year, the business earned $1.82 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. Research analysts predict that Arrow Electronics, Inc. will post 8.82 earnings per share for the current fiscal year.
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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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