Comerica Bank Increases Stake in Arrow Electronics, Inc. (ARW)
Comerica Bank raised its stake in Arrow Electronics, Inc. (NYSE:ARW) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,381 shares of the technology company’s stock after buying an additional 133 shares during the period. Comerica Bank owned 0.08% of Arrow Electronics worth $5,818,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of ARW. NEXT Financial Group Inc increased its position in Arrow Electronics by 776.0% in the second quarter. NEXT Financial Group Inc now owns 2,190 shares of the technology company’s stock valued at $172,000 after buying an additional 1,940 shares during the period. Meeder Asset Management Inc. increased its position in Arrow Electronics by 11.0% in the first quarter. Meeder Asset Management Inc. now owns 2,564 shares of the technology company’s stock valued at $188,000 after buying an additional 255 shares during the period. Nordea Investment Management AB increased its position in Arrow Electronics by 87.2% in the first quarter. Nordea Investment Management AB now owns 2,680 shares of the technology company’s stock valued at $197,000 after buying an additional 1,248 shares during the period. Advisor Partners LLC acquired a new position in Arrow Electronics during the first quarter valued at approximately $200,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in Arrow Electronics during the first quarter valued at approximately $213,000. 95.07% of the stock is currently owned by hedge funds and other institutional investors.
Arrow Electronics, Inc. (ARW) opened at 75.32 on Thursday. Arrow Electronics, Inc. has a 52 week low of $58.51 and a 52 week high of $84.53. The company has a 50 day moving average of $79.16 and a 200 day moving average of $75.50. The stock has a market capitalization of $6.65 billion, a P/E ratio of 13.77 and a beta of 1.13.
Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.01. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The business had revenue of $6.47 billion for the quarter, compared to analyst estimates of $6.23 billion. During the same quarter in the prior year, the company posted $1.65 EPS. The company’s quarterly revenue was up 8.3% on a year-over-year basis. Equities analysts expect that Arrow Electronics, Inc. will post $7.32 EPS for the current fiscal year.
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ARW has been the topic of several research reports. Stifel Nicolaus lifted their price target on shares of Arrow Electronics from $80.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. BidaskClub downgraded shares of Arrow Electronics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research raised shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research note on Wednesday, July 19th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $81.00 price target (up from $76.00) on shares of Arrow Electronics in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $77.17.
In other news, Chairman Michael J. Long sold 20,910 shares of the company’s stock in a transaction 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 owns 346,486 shares of the company’s stock, valued at approximately $26,336,400.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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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