Bank of Montreal Can raised its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,132 shares of the technology company’s stock after acquiring an additional 2,727 shares during the quarter. Bank of Montreal Can owned approximately 0.09% of Arrow Electronics worth $5,760,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Qube Research & Technologies Ltd acquired a new stake in shares of Arrow Electronics in the 2nd quarter worth $103,000. ELM Advisors LLC acquired a new stake in shares of Arrow Electronics in the 3rd quarter worth $109,000. Cerebellum GP LLC acquired a new stake in shares of Arrow Electronics in the 3rd quarter worth $168,000. GWM Advisors LLC acquired a new stake in shares of Arrow Electronics in the 2nd quarter worth $200,000. Finally, UMB Bank N A MO acquired a new stake in shares of Arrow Electronics in the 2nd quarter worth $202,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.
ARW has been the subject of a number of recent analyst reports. Zacks Investment Research cut Arrow Electronics from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Wells Fargo & Co initiated coverage on Arrow Electronics in a research report on Tuesday, July 17th. They issued an “outperform” rating and a $90.00 price objective for the company. Finally, Citigroup raised Arrow Electronics from a “sell” rating to a “neutral” rating in a research report on Friday, October 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $88.17.
Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, August 2nd. The technology company reported $2.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.05. The company had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.25 billion. Arrow Electronics had a return on equity of 14.81% and a net margin of 1.72%. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the business posted $1.78 EPS. As a group, equities research analysts expect that Arrow Electronics, Inc. will post 8.87 EPS for the current fiscal year.
In related news, SVP Gretchen Zech sold 4,500 shares of the firm’s stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $77.00, for a total value of $346,500.00. Following the completion of the transaction, the senior vice president now owns 21,814 shares in the company, valued at approximately $1,679,678. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vincent P. Melvin sold 2,000 shares of the firm’s stock in a transaction 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’s stock, valued at approximately $1,278,575.10. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Arrow Electronics 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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