Renaissance Technologies LLC trimmed its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 21.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,100 shares of the technology company’s stock after selling 20,500 shares during the quarter. Renaissance Technologies LLC owned 0.09% of Arrow Electronics worth $5,804,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Bridgewater Associates LP purchased a new stake in Arrow Electronics in the second quarter worth $214,000. Caisse DE Depot ET Placement DU Quebec increased its position in Arrow Electronics by 32.2% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 70,800 shares of the technology company’s stock worth $5,330,000 after buying an additional 17,226 shares during the last quarter. Korea Investment CORP increased its position in Arrow Electronics by 84.2% in the second quarter. Korea Investment CORP now owns 105,421 shares of the technology company’s stock worth $7,936,000 after buying an additional 48,200 shares during the last quarter. Commonwealth Bank of Australia grew its position in shares of Arrow Electronics by 26.4% in the second quarter. Commonwealth Bank of Australia now owns 28,226 shares of the technology company’s stock valued at $2,122,000 after purchasing an additional 5,900 shares in the last quarter. Finally, ING Groep NV purchased a new position in shares of Arrow Electronics in the second quarter valued at $1,010,000. 92.83% of the stock is owned by institutional investors.
Several brokerages have recently weighed in on ARW. ValuEngine cut Arrow Electronics from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Zacks Investment Research upgraded Arrow Electronics from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research report on Monday, June 18th. Finally, Wells Fargo & Co began coverage on Arrow Electronics in a research report on Tuesday, July 17th. They issued an “outperform” rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $88.17.
In related news, insider Vincent P. Melvin sold 2,000 shares of Arrow Electronics stock in a transaction on Monday, August 20th. The stock was sold at an average price of $78.10, for a total transaction of $156,200.00. Following the completion of the sale, the insider now owns 16,371 shares of the company’s stock, valued at $1,278,575.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Gretchen Zech sold 4,500 shares of Arrow Electronics stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $77.00, for a total value of $346,500.00. Following the sale, the senior vice president now directly owns 21,814 shares of the company’s stock, valued at approximately $1,679,678. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Shares of NYSE ARW opened at $68.48 on Friday. The firm has a market capitalization of $6.44 billion, a PE ratio of 8.91, a P/E/G ratio of 0.88 and a beta of 1.12. Arrow Electronics, Inc. has a fifty-two week low of $67.11 and a fifty-two week high of $87.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.69 and a quick ratio of 1.17.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, August 2nd. The technology company reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.05. The company had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.25 billion. Arrow Electronics had a return on equity of 14.81% and a net margin of 1.72%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.78 earnings per share. As a group, equities research analysts predict that Arrow Electronics, Inc. will post 8.88 earnings per share for the current year.
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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