TD Asset Management Inc. decreased its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW – Get Rating) by 13.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,104 shares of the technology company’s stock after selling 780 shares during the quarter. TD Asset Management Inc.’s holdings in Arrow Electronics were worth $572,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the stock. Allworth Financial LP bought a new position in shares of Arrow Electronics during the 1st quarter valued at about $26,000. Financial Management Professionals Inc. raised its stake in shares of Arrow Electronics by 95.7% during the first quarter. Financial Management Professionals Inc. now owns 225 shares of the technology company’s stock worth $27,000 after acquiring an additional 110 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Arrow Electronics by 830.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 307 shares of the technology company’s stock valued at $34,000 after purchasing an additional 274 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new position in Arrow Electronics in the 1st quarter worth $52,000. Finally, TCI Wealth Advisors Inc. raised its position in Arrow Electronics by 37.5% in the 1st quarter. TCI Wealth Advisors Inc. now owns 513 shares of the technology company’s stock worth $61,000 after purchasing an additional 140 shares during the period. 95.74% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ARW. Stifel Nicolaus reduced their price objective on Arrow Electronics from $130.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, October 10th. The Goldman Sachs Group decreased their price target on Arrow Electronics from $158.00 to $127.00 in a research note on Friday, July 15th. StockNews.com assumed coverage on Arrow Electronics in a research note on Wednesday, October 12th. They set a “buy” rating for the company. Finally, Wells Fargo & Company lowered shares of Arrow Electronics from an “equal weight” rating to an “underweight” rating in a report on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $127.00.
Arrow Electronics Trading Up 3.0 %
Arrow Electronics (NYSE:ARW – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The technology company reported $5.45 EPS for the quarter, topping analysts’ consensus estimates of $5.39 by $0.06. The company had revenue of $9.27 billion during the quarter, compared to analyst estimates of $9.28 billion. Arrow Electronics had a return on equity of 27.82% and a net margin of 3.93%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $4.04 earnings per share. On average, analysts forecast that Arrow Electronics, Inc. will post 22 earnings per share for the current year.
Arrow Electronics declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 15th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Arrow Electronics Profile
Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates in two segments, Global Components and Global Enterprise Computing Solutions.
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