Sumitomo Mitsui Asset Management Company LTD cut its position in Arrow Electronics, Inc. (NYSE:ARW) by 16.0% during the second quarter, Holdings Channel reports. The fund owned 6,048 shares of the technology company’s stock after selling 1,156 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Arrow Electronics were worth $474,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Reilly Financial Advisors LLC boosted its position in shares of Arrow Electronics by 3.6% in the first quarter. Reilly Financial Advisors LLC now owns 112,584 shares of the technology company’s stock worth $8,265,000 after buying an additional 3,865 shares during the last quarter. Morgan Stanley boosted its position in shares of Arrow Electronics by 97.5% in the first quarter. Morgan Stanley now owns 441,079 shares of the technology company’s stock worth $32,380,000 after buying an additional 217,695 shares during the last quarter. Elkfork Partners LLC boosted its position in shares of Arrow Electronics by 59.6% in the first quarter. Elkfork Partners LLC now owns 9,656 shares of the technology company’s stock worth $709,000 after buying an additional 3,604 shares during the last quarter. Swiss National Bank boosted its position in shares of Arrow Electronics by 25.4% in the first quarter. Swiss National Bank now owns 317,348 shares of the technology company’s stock worth $23,297,000 after buying an additional 64,300 shares during the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Arrow Electronics during the first quarter worth about $2,423,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Arrow Electronics, Inc. (ARW) opened at 75.41 on Friday. The stock has a market cap of $6.66 billion, a P/E ratio of 13.79 and a beta of 1.13. Arrow Electronics, Inc. has a one year low of $58.52 and a one year high of $84.53. The stock’s 50 day moving average price is $80.06 and its 200-day moving average price is $75.35.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. The company had revenue of $6.47 billion for 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 firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.65 EPS. On average, analysts predict that Arrow Electronics, Inc. will post $7.27 earnings per share for the current year.

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A number of equities analysts recently issued reports on ARW shares. Stifel Nicolaus lifted their target price on Arrow Electronics from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, May 15th. BidaskClub cut Arrow Electronics from a “buy” rating to a “hold” rating in a report on Wednesday. Deutsche Bank AG restated a “hold” rating and issued a $81.00 target price (up from $76.00) on shares of Arrow Electronics in a report on Wednesday. Finally, Zacks Investment Research upgraded Arrow Electronics from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a report on Wednesday, July 19th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Arrow Electronics presently has a consensus rating of “Buy” and an average target price of $77.17.

In other news, insider Mary Catherine Morris sold 9,692 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $75.07, for a total value of $727,578.44. Following the transaction, the insider now owns 21,570 shares of the company’s stock, valued at approximately $1,619,259.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Vincent P. Melvin sold 5,760 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $75.79, for a total value of $436,550.40. Following the completion of the transaction, the insider now directly owns 22,213 shares in the company, valued at approximately $1,683,523.27. The disclosure for this sale can be found here. In the last three months, insiders sold 18,452 shares of company stock worth $1,392,099. 1.20% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for Arrow Electronics (NYSE:ARW)

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