Wick Capital Partners LLC purchased a new position in shares of Arrow Electronics, Inc. (NYSE:ARW – Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,616 shares of the technology company’s stock, valued at approximately $729,000.
A number of other hedge funds have also recently modified their holdings of ARW. ACR Alpine Capital Research LLC lifted its stake in shares of Arrow Electronics by 42.6% during the 4th quarter. ACR Alpine Capital Research LLC now owns 3,445,593 shares of the technology company’s stock valued at $379,635,000 after buying an additional 1,028,778 shares in the last quarter. AQR Capital Management LLC raised its holdings in Arrow Electronics by 37.7% during the third quarter. AQR Capital Management LLC now owns 3,185,582 shares of the technology company’s stock valued at $384,818,000 after acquiring an additional 871,585 shares during the period. Brandes Investment Partners LP raised its holdings in Arrow Electronics by 1,412.3% during the fourth quarter. Brandes Investment Partners LP now owns 409,461 shares of the technology company’s stock valued at $45,115,000 after acquiring an additional 382,385 shares during the period. FIL Ltd lifted its position in shares of Arrow Electronics by 33.8% in the fourth quarter. FIL Ltd now owns 1,231,833 shares of the technology company’s stock valued at $135,723,000 after acquiring an additional 310,936 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of Arrow Electronics in the fourth quarter worth about $29,255,000. Institutional investors own 99.34% of the company’s stock.
Arrow Electronics Price Performance
ARW stock opened at $232.87 on Friday. Arrow Electronics, Inc. has a 52 week low of $101.79 and a 52 week high of $234.46. The firm has a market capitalization of $11.91 billion, a P/E ratio of 16.66 and a beta of 1.19. The company has a fifty day simple moving average of $203.08 and a two-hundred day simple moving average of $156.48. The company has a quick ratio of 1.02, a current ratio of 1.24 and a debt-to-equity ratio of 0.35.
Arrow Electronics declared that its board has approved a stock repurchase program on Wednesday, May 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the technology company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on ARW shares. Raymond James Financial reiterated an “outperform” rating and set a $220.00 target price on shares of Arrow Electronics in a research report on Friday, May 8th. Wells Fargo & Company upped their price target on Arrow Electronics from $140.00 to $165.00 and gave the stock an “underweight” rating in a research note on Friday, May 8th. Truist Financial increased their price objective 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of Arrow Electronics in a research report on Tuesday, May 26th. Finally, Bank of America raised shares of Arrow Electronics from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $122.00 to $233.00 in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $219.50.
Check Out Our Latest Stock Report on Arrow Electronics
Insider Activity at Arrow Electronics
In other news, SVP Carine Lamercie Jean-Claude sold 3,000 shares of Arrow Electronics stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.00, for a total value of $648,000.00. Following the completion of the transaction, the senior vice president owned 12,626 shares in the company, valued at approximately $2,727,216. The trade was a 19.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Nowak sold 3,473 shares of Arrow Electronics stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $210.99, for a total value of $732,768.27. Following the completion of the transaction, the insider owned 48,835 shares of the company’s stock, valued at approximately $10,303,696.65. This trade represents a 6.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.80% of the company’s stock.
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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