DNB Asset Management AS grew its stake in shares of Arrow Electronics, Inc. (NYSE:ARW – Free Report) by 49.8% in the fourth quarter, HoldingsChannel reports. The fund owned 706,687 shares of the technology company’s stock after buying an additional 234,874 shares during the quarter. DNB Asset Management AS’s holdings in Arrow Electronics were worth $77,863,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Gateway Investment Advisers LLC increased its stake in shares of Arrow Electronics by 3.8% during the 4th quarter. Gateway Investment Advisers LLC now owns 2,276 shares of the technology company’s stock valued at $251,000 after acquiring an additional 84 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Arrow Electronics by 25.2% during the 2nd quarter. Geneos Wealth Management Inc. now owns 442 shares of the technology company’s stock valued at $56,000 after acquiring an additional 89 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Arrow Electronics by 38.3% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the technology company’s stock valued at $41,000 after acquiring an additional 102 shares during the last quarter. Truist Financial Corp increased its stake in shares of Arrow Electronics by 1.9% during the 3rd quarter. Truist Financial Corp now owns 5,410 shares of the technology company’s stock valued at $655,000 after acquiring an additional 103 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of Arrow Electronics by 0.9% during the 2nd quarter. Lazard Asset Management LLC now owns 12,016 shares of the technology company’s stock valued at $1,531,000 after acquiring an additional 109 shares during the last quarter. Institutional investors and hedge funds own 99.34% of the company’s stock.
Arrow Electronics Stock Down 2.8%
ARW opened at $208.29 on Friday. The firm has a 50 day moving average price of $164.00 and a 200 day moving average price of $137.10. The company has a market cap of $10.65 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 0.78 and a beta of 1.16. Arrow Electronics, Inc. has a 1 year low of $101.79 and a 1 year high of $215.68. 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 of Directors has initiated a stock buyback plan on Wednesday, May 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Insider Activity at Arrow Electronics
In other news, CEO William F. Austen acquired 3,960 shares of the stock in a transaction on Thursday, February 19th. The stock was bought at an average price of $151.87 per share, with a total value of $601,405.20. Following the completion of the transaction, the chief executive officer directly owned 44,722 shares of the company’s stock, valued at $6,791,930.14. The trade was a 9.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Richard John Marano sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $155.32, for a total transaction of $388,300.00. Following the completion of the sale, the insider directly owned 24,096 shares of the company’s stock, valued at $3,742,590.72. This trade represents a 9.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of research analysts have recently commented on ARW shares. Weiss Ratings raised shares of Arrow Electronics from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Wall Street Zen raised shares of Arrow Electronics from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Truist Financial upped their price objective on shares of Arrow Electronics from $183.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Zacks Research raised shares of Arrow Electronics from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Raymond James Financial reissued an “outperform” rating and set a $220.00 target price on shares of Arrow Electronics in a research report on Friday, May 8th. 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 issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $214.50.
Read Our Latest Report 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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