Walleye Capital LLC boosted its stake in Arrow Electronics, Inc. (NYSE:ARW – Free Report) by 1,607.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,849 shares of the technology company’s stock after acquiring an additional 122,245 shares during the period. Walleye Capital LLC owned 0.25% of Arrow Electronics worth $18,622,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Arrow Electronics by 45.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,748 shares of the technology company’s stock worth $2,154,000 after buying an additional 6,523 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Arrow Electronics by 8.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,971 shares of the technology company’s stock worth $20,763,000 after acquiring an additional 14,886 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Arrow Electronics by 68.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 353 shares of the technology company’s stock worth $37,000 after acquiring an additional 143 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Arrow Electronics in the 2nd quarter valued at approximately $492,000. Finally, Brown Advisory Inc. bought a new stake in shares of Arrow Electronics during the second quarter valued at approximately $379,000. 99.34% of the stock is currently owned by institutional investors.
Arrow Electronics Stock Up 1.4%
NYSE:ARW opened at $219.21 on Thursday. The firm has a 50-day simple moving average of $215.46 and a two-hundred day simple moving average of $172.61. The firm has a market cap of $11.21 billion, a P/E ratio of 15.68 and a beta of 1.20. Arrow Electronics, Inc. has a fifty-two week low of $101.79 and a fifty-two week high of $237.33. 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 declared that its board has authorized a stock repurchase plan on Wednesday, May 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the technology company to purchase up to 9.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling at Arrow Electronics
In other Arrow Electronics news, SVP Carine Lamercie Jean-Claude sold 3,000 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.00, for a total transaction of $648,000.00. Following the transaction, the senior vice president owned 12,626 shares in the company, valued at approximately $2,727,216. This represents a 19.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Nowak sold 3,473 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $210.99, for a total transaction of $732,768.27. Following the sale, the insider directly owned 48,835 shares in the company, valued at approximately $10,303,696.65. The trade was a 6.64% decrease in their position. The SEC filing for this sale provides additional information. 0.80% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on ARW. Raymond James Financial reiterated an “outperform” rating and issued a $220.00 price objective on shares of Arrow Electronics in a report on Friday, May 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Arrow Electronics in a research report on Tuesday, May 26th. Bank of America raised shares of Arrow Electronics from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $122.00 to $233.00 in a research report on Wednesday, May 13th. Wells Fargo & Company upped their price objective on shares of Arrow Electronics from $165.00 to $175.00 and gave the stock an “underweight” rating in a report on Monday. Finally, Truist Financial lifted their target price on shares of Arrow Electronics from $240.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 4th. 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.00.
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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