SMART Wealth LLC bought a new stake in Arrow Electronics, Inc. (NYSE:ARW – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,079 shares of the technology company’s stock, valued at approximately $2,151,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in ARW. Syon Capital LLC boosted its stake in shares of Arrow Electronics by 45.0% in the 2nd quarter. Syon Capital LLC now owns 2,589 shares of the technology company’s stock valued at $553,000 after purchasing an additional 803 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in Arrow Electronics by 5.3% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 3,644 shares of the technology company’s stock worth $778,000 after purchasing an additional 185 shares in the last quarter. Nykredit A S acquired a new position in Arrow Electronics in the 2nd quarter worth about $357,000. Legacy Financial Advisors Inc. bought a new position in Arrow Electronics in the second quarter valued at about $224,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Arrow Electronics during the second quarter valued at about $227,000. Institutional investors own 99.34% of the company’s stock.
Arrow Electronics Trading Up 2.6%
Shares of ARW stock opened at $216.34 on Friday. Arrow Electronics, Inc. has a 1-year low of $101.79 and a 1-year high of $237.33. The company has a current ratio of 1.22, a quick ratio of 1.01 and a debt-to-equity ratio of 0.29. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 0.31 and a beta of 1.19. The stock has a 50-day moving average of $209.12 and a 200-day moving average of $190.86.
Arrow Electronics announced that its Board of Directors has approved a share buyback 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 buy up to 9.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Insider Activity
In other news, SVP Carine Jean-Claude sold 1,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $209.85, for a total value of $209,850.00. Following the sale, the senior vice president directly owned 11,626 shares of the company’s stock, valued at approximately $2,439,716.10. This represents a 7.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.80% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on ARW. Bank of America upgraded Arrow Electronics from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $122.00 to $233.00 in a report on Wednesday, May 13th. Truist Financial cut their target price on shares of Arrow Electronics from $260.00 to $250.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Raymond James Financial reissued an “outperform” rating and set a $250.00 target price on shares of Arrow Electronics in a report on Friday, August 7th. Wall Street Zen upgraded shares of Arrow Electronics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Arrow Electronics in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $233.25.
About Arrow Electronics
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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