Principal Financial Group Inc. Has $39.59 Million Stake in Arrow Electronics, Inc. (ARW)
Principal Financial Group Inc. lifted its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 38.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 504,821 shares of the technology company’s stock after purchasing an additional 139,019 shares during the quarter. Principal Financial Group Inc. owned about 0.57% of Arrow Electronics worth $39,589,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new position in Arrow Electronics during the second quarter worth $273,000. Pacer Advisors Inc. grew its holdings in Arrow Electronics by 14.8% during the second quarter. Pacer Advisors Inc. now owns 12,812 shares of the technology company’s stock worth $1,005,000 after acquiring an additional 1,650 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Arrow Electronics by 31.1% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 31,949 shares of the technology company’s stock worth $2,505,000 after acquiring an additional 7,574 shares during the period. Prudential Financial Inc. grew its holdings in Arrow Electronics by 57.9% during the second quarter. Prudential Financial Inc. now owns 465,233 shares of the technology company’s stock worth $36,483,000 after acquiring an additional 170,570 shares during the period. Finally, Point View Wealth Management Inc. grew its holdings in Arrow Electronics by 20.8% during the second quarter. Point View Wealth Management Inc. now owns 8,354 shares of the technology company’s stock worth $655,000 after acquiring an additional 1,439 shares during the period. Institutional investors and hedge funds own 93.31% of the company’s stock.
A number of brokerages recently weighed in on ARW. Zacks Investment Research raised Arrow Electronics from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a report on Friday, September 1st. BidaskClub lowered Arrow Electronics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Stifel Nicolaus upped their price objective on Arrow Electronics from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, May 15th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $81.00 price objective (up previously from $76.00) on shares of Arrow Electronics in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Arrow Electronics has a consensus rating of “Hold” and a consensus price target of $76.83.
In related news, insider Sean J. Kerins sold 4,477 shares of Arrow Electronics stock in a transaction on Friday, August 25th. The stock was sold at an average price of $77.16, for a total value of $345,445.32. Following the transaction, the insider now directly owns 26,213 shares in the company, valued at approximately $2,022,595.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael J. Long sold 20,910 shares of Arrow Electronics 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 completion of the transaction, the chairman now owns 346,486 shares in the company, valued at $26,336,400.86. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
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Arrow Electronics, Inc. (ARW) opened at 77.23 on Thursday. Arrow Electronics, Inc. has a one year low of $58.51 and a one year high of $84.53. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of 14.12 and a beta of 1.12. The company’s 50-day moving average price is $78.67 and its 200-day moving average price is $75.85.
Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. The business had revenue of $6.47 billion for the quarter, compared to analysts’ expectations of $6.23 billion. Arrow Electronics had a return on equity of 13.52% and a net margin of 2.01%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 EPS. On average, analysts anticipate that Arrow Electronics, Inc. will post $7.32 EPS for the current year.
Arrow Electronics Company Profile
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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