Fmr LLC Sells 229,114 Shares of Arrow Electronics, Inc. (ARW)
Fmr LLC reduced its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 12.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,613,356 shares of the technology company’s stock after selling 229,114 shares during the quarter. Fmr LLC owned 1.82% of Arrow Electronics worth $126,519,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in ARW. NEXT Financial Group Inc raised its position in Arrow Electronics by 776.0% during the second quarter. NEXT Financial Group Inc now owns 2,190 shares of the technology company’s stock valued at $172,000 after acquiring an additional 1,940 shares in the last quarter. Meeder Asset Management Inc. raised its position in Arrow Electronics by 11.0% during the first quarter. Meeder Asset Management Inc. now owns 2,564 shares of the technology company’s stock valued at $188,000 after acquiring an additional 255 shares in the last quarter. Nordea Investment Management AB raised its position in Arrow Electronics by 87.2% during the first quarter. Nordea Investment Management AB now owns 2,680 shares of the technology company’s stock valued at $197,000 after acquiring an additional 1,248 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Arrow Electronics during the first quarter valued at approximately $213,000. Finally, Advisor Partners LLC raised its position in Arrow Electronics by 2.6% during the second quarter. Advisor Partners LLC now owns 2,802 shares of the technology company’s stock valued at $220,000 after acquiring an additional 71 shares in the last quarter. Institutional investors own 93.15% of the company’s stock.
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Arrow Electronics, Inc. (NYSE:ARW) opened at 82.16 on Friday. Arrow Electronics, Inc. has a 12 month low of $58.52 and a 12 month high of $84.53. The company’s 50-day moving average price is $78.82 and its 200 day moving average price is $76.79. The stock has a market capitalization of $7.25 billion, a PE ratio of 15.02 and a beta of 1.15.
Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.01. The business had revenue of $6.47 billion during the quarter, compared to the consensus estimate of $6.23 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 EPS. On average, analysts forecast that Arrow Electronics, Inc. will post $7.32 earnings per share for the current fiscal year.
ARW has been the subject of several recent research reports. Zacks Investment Research upgraded Arrow Electronics from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Monday, September 11th. BidaskClub cut Arrow Electronics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $81.00 price target (up from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Arrow Electronics presently has an average rating of “Hold” and a consensus target price of $80.60.
In other news, insider Sean J. Kerins sold 4,477 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $77.16, for a total transaction of $345,445.32. Following the completion of the transaction, the insider now directly owns 26,213 shares of the company’s stock, valued at approximately $2,022,595.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Michael J. Long sold 20,910 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $76.01, for a total value of $1,589,369.10. Following the transaction, the chairman now directly owns 346,486 shares of the company’s stock, valued at $26,336,400.86. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
About Arrow Electronics
Arrow Electronics, Inc is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from various electronic components and enterprise computing solutions suppliers.
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