Metropolitan Life Insurance Co. NY increased its holdings in Arrow Electronics, Inc. (NYSE:ARW) by 10.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,252 shares of the technology company‚Äôs stock after buying an additional 2,301 shares during the period. Metropolitan Life Insurance Co. NY‚Äôs holdings in Arrow Electronics were worth $1,901,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Arrow Electronics by 4.9% in the 1st quarter. BlackRock Inc. now owns 8,703,890 shares of the technology company‚Äôs stock valued at $670,375,000 after purchasing an additional 403,632 shares during the last quarter. Schroder Investment Management Group raised its stake in Arrow Electronics by 36.0% in the 1st quarter. Schroder Investment Management Group now owns 1,378,400 shares of the technology company‚Äôs stock valued at $106,164,000 after purchasing an additional 364,723 shares during the last quarter. Cooke & Bieler LP raised its stake in Arrow Electronics by 17.7% in the 2nd quarter. Cooke & Bieler LP now owns 1,769,766 shares of the technology company‚Äôs stock valued at $133,228,000 after purchasing an additional 265,565 shares during the last quarter. Millennium Management LLC raised its stake in Arrow Electronics by 1,406.8% in the 1st quarter. Millennium Management LLC now owns 283,286 shares of the technology company‚Äôs stock valued at $21,819,000 after purchasing an additional 264,485 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Arrow Electronics by 60.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 656,952 shares of the technology company‚Äôs stock valued at $49,455,000 after acquiring an additional 248,719 shares during the last quarter. Institutional investors and hedge funds own 92.83% of the company‚Äôs stock.
A number of research firms have recently commented on ARW. Zacks Investment Research raised shares of Arrow Electronics from a ‚Äúhold‚ÄĚ rating to a ‚Äúbuy‚ÄĚ rating and set a $86.00 price objective for the company in a research note on Wednesday, August 8th. Wells Fargo & Co began coverage on shares of Arrow Electronics in a research note on Tuesday, July 17th. They set an ‚Äúoutperform‚ÄĚ rating and a $90.00 price objective for the company. Finally, ValuEngine downgraded shares of Arrow Electronics from a ‚Äúhold‚ÄĚ rating to a ‚Äúsell‚ÄĚ rating in a research note on Tuesday, June 26th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of ‚ÄúBuy‚ÄĚ and a consensus price target of $88.17.
In related news, SVP Gretchen Zech sold 4,500 shares of the stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $77.00, for a total transaction of $346,500.00. Following the completion of the sale, the senior vice president now owns 21,814 shares of the company‚Äôs stock, valued at approximately $1,679,678. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Vincent P. Melvin sold 2,000 shares of the company‚Äôs stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $78.10, for a total value of $156,200.00. Following the completion of the transaction, the insider now owns 16,371 shares of the company‚Äôs stock, valued at approximately $1,278,575.10. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
NYSE ARW opened at $73.20 on Friday. The stock has a market cap of $6.44 billion, a PE ratio of 9.64, a P/E/G ratio of 0.88 and a beta of 1.12. Arrow Electronics, Inc. has a 12 month low of $72.31 and a 12 month 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 posted its earnings results on Thursday, August 2nd. The technology company reported $2.20 earnings per share (EPS) for the quarter, topping the Zacks‚Äô consensus estimate of $2.15 by $0.05. The firm had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.25 billion. Arrow Electronics had a net margin of 1.72% and a return on equity of 14.81%. The company‚Äôs revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 EPS. On average, analysts expect that Arrow Electronics, Inc. will post 8.88 earnings per share for the current fiscal year.
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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