Quantinno Capital Management LP raised its position in shares of Arrow Electronics, Inc. (NYSE:ARW – Free Report) by 287.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 309,430 shares of the technology company’s stock after purchasing an additional 229,612 shares during the period. Quantinno Capital Management LP’s holdings in Arrow Electronics were worth $44,375,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Bayban purchased a new stake in shares of Arrow Electronics in the 1st quarter worth about $26,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Arrow Electronics by 112.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 131 shares in the last quarter. Transamerica Financial Advisors LLC purchased a new position in Arrow Electronics during the 4th quarter valued at about $27,000. Advisory Services Network LLC purchased a new position in Arrow Electronics during the 3rd quarter valued at about $31,000. Finally, Quarry LP bought a new stake in Arrow Electronics during the third quarter worth about $33,000. Institutional investors own 99.34% of the company’s stock.
Arrow Electronics Stock Performance
Shares of ARW stock opened at $204.87 on Thursday. Arrow Electronics, Inc. has a one year low of $101.79 and a one year high of $237.33. The company’s 50-day moving average is $215.57 and its 200 day moving average is $176.07. The company has a market capitalization of $10.47 billion, a price-to-earnings ratio of 14.65 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.02 and a current ratio of 1.24.
Arrow Electronics announced that its board has approved a stock repurchase plan on Wednesday, May 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 9.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Insider Activity at Arrow Electronics
In related news, insider Eric Nowak sold 3,473 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $210.99, for a total transaction of $732,768.27. Following the completion of the sale, the insider owned 48,835 shares of the company’s stock, valued at $10,303,696.65. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Carine Lamercie Jean-Claude sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.00, for a total transaction of $648,000.00. Following the completion of the transaction, the senior vice president owned 12,626 shares of the company’s stock, valued at approximately $2,727,216. The trade was a 19.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is owned by company insiders.
Analysts Set New Price Targets
ARW has been the topic of a number of recent research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Arrow Electronics in a report on Tuesday, May 26th. Raymond James Financial reiterated an “outperform” rating and set a $220.00 target price on shares of Arrow Electronics in a report on Friday, May 8th. Wells Fargo & Company boosted their price target on Arrow Electronics from $165.00 to $175.00 and gave the stock an “underweight” rating in a research report on Monday, July 20th. Truist Financial upped their price target on Arrow Electronics from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Finally, Bank of America raised Arrow Electronics from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $122.00 to $233.00 in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Arrow Electronics has a consensus rating of “Moderate Buy” and an average target price of $222.00.
Check Out Our Latest Stock Analysis on Arrow Electronics
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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