Schafer Cullen Capital Management Inc boosted its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 0.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 85,660 shares of the technology company’s stock after purchasing an additional 653 shares during the period. Schafer Cullen Capital Management Inc’s holdings in Arrow Electronics were worth $5,906,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Advisors Asset Management Inc. purchased a new position in shares of Arrow Electronics in the 4th quarter worth approximately $31,000. Csenge Advisory Group purchased a new stake in Arrow Electronics during the 3rd quarter worth approximately $32,000. Lindbrook Capital LLC purchased a new stake in Arrow Electronics during the 4th quarter worth approximately $37,000. JOYN Advisors Inc. grew its position in Arrow Electronics by 317.8% during the 4th quarter. JOYN Advisors Inc. now owns 610 shares of the technology company’s stock worth $42,000 after purchasing an additional 464 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its position in Arrow Electronics by 3,970.6% during the 4th quarter. Flagship Harbor Advisors LLC now owns 1,384 shares of the technology company’s stock worth $95,000 after purchasing an additional 1,350 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.
NYSE:ARW traded up $0.03 during trading hours on Tuesday, hitting $78.35. 100,643 shares of the company were exchanged, compared to its average volume of 555,156. The company has a market cap of $6.67 billion, a PE ratio of 8.87, a P/E/G ratio of 1.25 and a beta of 1.14. Arrow Electronics, Inc. has a 52-week low of $62.69 and a 52-week high of $83.03. The company has a current ratio of 1.55, a quick ratio of 1.11 and a debt-to-equity ratio of 0.60.
Arrow Electronics (NYSE:ARW) last released its earnings results on Thursday, February 7th. The technology company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.01. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.94 billion. Arrow Electronics had a net margin of 2.41% and a return on equity of 14.88%. Arrow Electronics’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.49 EPS. As a group, analysts expect that Arrow Electronics, Inc. will post 9.1 EPS for the current fiscal year.
Arrow Electronics announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 12th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the technology company to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other Arrow Electronics news, CEO Michael J. Long sold 53,984 shares of Arrow Electronics stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $80.70, for a total transaction of $4,356,508.80. Following the completion of the sale, the chief executive officer now directly owns 366,253 shares in the company, valued at approximately $29,556,617.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charles Kostalnick II sold 1,250 shares of Arrow Electronics stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $81.99, for a total transaction of $102,487.50. Following the sale, the insider now owns 15,248 shares of the company’s stock, valued at $1,250,183.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,351 shares of company stock valued at $8,322,837. Company insiders own 1.30% of the company’s stock.
Several analysts have weighed in on ARW shares. SunTrust Banks boosted their target price on shares of Arrow Electronics to $84.00 and gave the stock a “hold” rating in a research report on Friday, February 8th. Stifel Nicolaus downgraded shares of Arrow Electronics from a “buy” rating to a “hold” rating and set a $75.33 target price on the stock. in a research report on Friday, February 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $83.33.
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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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