Arrow Electronics, Inc. (ARW) Shares Sold by Victory Capital Management Inc.
Victory Capital Management Inc. decreased its stake in Arrow Electronics, Inc. (NYSE:ARW) by 21.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 199,573 shares of the technology company’s stock after selling 55,078 shares during the quarter. Victory Capital Management Inc. owned approximately 0.22% of Arrow Electronics worth $15,651,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Twin Capital Management Inc. grew its position in shares of Arrow Electronics by 17.5% in the second quarter. Twin Capital Management Inc. now owns 30,150 shares of the technology company’s stock valued at $2,364,000 after purchasing an additional 4,500 shares during the period. BB&T Securities LLC acquired a new stake in shares of Arrow Electronics in the second quarter valued at about $362,000. KBC Group NV grew its position in shares of Arrow Electronics by 43.7% in the second quarter. KBC Group NV now owns 102,045 shares of the technology company’s stock valued at $8,003,000 after purchasing an additional 31,028 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of Arrow Electronics by 58.6% in the second quarter. BNP Paribas Arbitrage SA now owns 45,800 shares of the technology company’s stock valued at $3,592,000 after purchasing an additional 16,927 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Arrow Electronics by 5.1% in the second quarter. Legal & General Group Plc now owns 544,809 shares of the technology company’s stock valued at $42,725,000 after purchasing an additional 26,591 shares during the period. Institutional investors and hedge funds own 93.31% of the company’s stock.
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Several brokerages have recently issued reports on ARW. Zacks Investment Research upgraded shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research report on Friday. BidaskClub lowered shares of Arrow Electronics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. Deutsche Bank AG reiterated a “hold” rating and issued a $81.00 target price (up previously from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus lifted their target price on shares of Arrow Electronics from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $76.83.
Arrow Electronics, Inc. (ARW) opened at 79.14 on Tuesday. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 14.47 and a beta of 1.12. Arrow Electronics, Inc. has a 52-week low of $58.51 and a 52-week high of $84.53. The company’s 50-day moving average is $78.95 and its 200-day moving average is $75.75.
Arrow Electronics (NYSE:ARW) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.78 EPS for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. The firm had revenue of $6.47 billion for the quarter, compared to analysts’ expectations of $6.23 billion. Arrow Electronics had a net margin of 2.01% and a return on equity of 13.52%. The firm’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.65 EPS. Equities analysts predict that Arrow Electronics, Inc. will post $7.32 earnings per share for the current year.
In related news, insider Sean J. Kerins sold 4,477 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $77.16, for a total value of $345,445.32. Following the sale, 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 filing with the SEC, which is available through this hyperlink. Also, Chairman Michael J. Long sold 20,910 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $76.01, for a total transaction of $1,589,369.10. Following the completion of the sale, the chairman now directly owns 346,486 shares in the company, valued at $26,336,400.86. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate 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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