First Citizens Bank & Trust Co. reduced its position in shares of Arrow Electronics, Inc. (NYSE:ARW) by 7.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,990 shares of the technology company’s stock after selling 237 shares during the period. First Citizens Bank & Trust Co.’s holdings in Arrow Electronics were worth $235,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Pearl River Capital LLC acquired a new position in Arrow Electronics during the second quarter valued at approximately $208,000. Goldman Sachs Group Inc. raised its position in shares of Arrow Electronics by 18.1% in the second quarter. Goldman Sachs Group Inc. now owns 651,749 shares of the technology company’s stock valued at $44,768,000 after purchasing an additional 99,790 shares during the period. APG Asset Management N.V. raised its position in shares of Arrow Electronics by 20.2% in the first quarter. APG Asset Management N.V. now owns 109,793 shares of the technology company’s stock valued at $5,695,000 after purchasing an additional 18,459 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Arrow Electronics by 2.1% in the first quarter. The Manufacturers Life Insurance Company now owns 116,650 shares of the technology company’s stock valued at $6,051,000 after purchasing an additional 2,400 shares during the period. Finally, NN Investment Partners Holdings N.V. bought a new position in shares of Arrow Electronics in the second quarter valued at about $502,000. 94.17% of the stock is owned by hedge funds and other institutional investors.
Shares of Arrow Electronics stock opened at $84.18 on Friday. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.84 and a beta of 1.46. The company has a quick ratio of 1.03, a current ratio of 1.45 and a debt-to-equity ratio of 0.44. Arrow Electronics, Inc. has a 12-month low of $39.25 and a 12-month high of $85.80. The firm’s 50-day moving average price is $79.65 and its two-hundred day moving average price is $69.32.
Several equities analysts have recently weighed in on the stock. ValuEngine raised shares of Arrow Electronics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Citigroup restated a “buy” rating on shares of Arrow Electronics in a research note on Monday, July 13th. Zacks Investment Research upgraded shares of Arrow Electronics from a “sell” rating to a “hold” rating and set a $75.00 price target on the stock in a research note on Monday, August 3rd. Finally, TheStreet upgraded shares of Arrow Electronics from a “c+” rating to a “b-” rating in a research note on Wednesday, September 2nd. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Arrow Electronics currently has a consensus rating of “Hold” and a consensus target price of $73.13.
In related news, SVP Lily Yan Hughes sold 2,126 shares of Arrow Electronics stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $75.08, for a total value of $159,620.08. Following the completion of the sale, the senior vice president now owns 23,410 shares of the company’s stock, valued at approximately $1,757,622.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Long sold 68,834 shares of Arrow Electronics stock in a transaction on Monday, August 31st. The stock was sold at an average price of $78.57, for a total transaction of $5,408,287.38. Following the transaction, the chief executive officer now directly owns 255,410 shares in the company, valued at $20,067,563.70. The disclosure for this sale can be found here. Insiders sold a total of 77,230 shares of company stock valued at $6,035,273 in the last quarter. 1.60% of the stock is currently owned by company insiders.
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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