Rhumbline Advisers boosted its holdings in Arrow Electronics, Inc. (NYSE:ARW) by 40.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 244,237 shares of the technology company’s stock after buying an additional 70,444 shares during the quarter. Rhumbline Advisers owned 0.28% of Arrow Electronics worth $16,840,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of ARW. JPMorgan Chase & Co. raised its position in Arrow Electronics by 6.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,742,170 shares of the technology company’s stock worth $423,313,000 after buying an additional 370,095 shares during the last quarter. DNB Asset Management AS grew its stake in shares of Arrow Electronics by 15.4% during the 4th quarter. DNB Asset Management AS now owns 667,049 shares of the technology company’s stock valued at $45,993,000 after purchasing an additional 89,071 shares during the period. First Pacific Advisors LP grew its stake in shares of Arrow Electronics by 225.4% during the 3rd quarter. First Pacific Advisors LP now owns 115,986 shares of the technology company’s stock valued at $8,550,000 after purchasing an additional 80,344 shares during the period. Vanguard Group Inc grew its stake in shares of Arrow Electronics by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 7,937,507 shares of the technology company’s stock valued at $585,153,000 after purchasing an additional 70,647 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Arrow Electronics by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,937,507 shares of the technology company’s stock valued at $585,153,000 after purchasing an additional 70,647 shares during the period. 98.00% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the company. Stifel Nicolaus downgraded Arrow Electronics from a “buy” rating to a “hold” rating and set a $75.33 price target for the company. in a research note on Friday, February 1st. Zacks Investment Research downgraded Arrow Electronics from a “hold” rating to a “sell” rating in a research note on Friday, October 26th. Citigroup boosted their price target on Arrow Electronics from $72.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, November 2nd. SunTrust Banks boosted their price target on Arrow Electronics to $84.00 and gave the company a “hold” rating in a research note on Friday. Finally, ValuEngine upgraded Arrow Electronics from a “sell” rating to a “hold” rating in a research note on Wednesday, November 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $84.54.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings data on Thursday, February 7th. The technology company reported $2.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.56 by $0.01. The company had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.94 billion. Arrow Electronics had a return on equity of 14.88% and a net margin of 2.41%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.49 EPS. On average, sell-side analysts expect that Arrow Electronics, Inc. will post 9.08 earnings per share for the current year.
Arrow Electronics declared that its Board of Directors has initiated a share buyback plan on Wednesday, December 12th that authorizes the company to buyback $600.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
In related news, insider Mary Catherine Morris sold 13,016 shares of the business’s stock in a transaction that occurred on Wednesday, November 28th. The stock was sold at an average price of $75.00, for a total transaction of $976,200.00. Following the completion of the transaction, the insider now directly owns 26,093 shares in the company, valued at approximately $1,956,975. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.
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About Arrow Electronics
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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