Synovus Financial Corp Grows Position in Arrow Electronics, Inc. (NYSE:ARW)

Synovus Financial Corp boosted its position in Arrow Electronics, Inc. (NYSE:ARWGet Rating) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,232 shares of the technology company’s stock after purchasing an additional 108 shares during the quarter. Synovus Financial Corp’s holdings in Arrow Electronics were worth $359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Arrow Electronics by 1.0% in the 1st quarter. BlackRock Inc. now owns 7,634,462 shares of the technology company’s stock worth $905,678,000 after acquiring an additional 78,423 shares in the last quarter. Cooke & Bieler LP increased its stake in shares of Arrow Electronics by 2.3% during the second quarter. Cooke & Bieler LP now owns 3,130,480 shares of the technology company’s stock valued at $350,896,000 after purchasing an additional 69,890 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Arrow Electronics by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,681,640 shares of the technology company’s stock valued at $318,131,000 after purchasing an additional 34,794 shares during the last quarter. Lyrical Asset Management LP boosted its position in shares of Arrow Electronics by 2.7% in the 1st quarter. Lyrical Asset Management LP now owns 1,449,182 shares of the technology company’s stock worth $171,916,000 after purchasing an additional 38,700 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Arrow Electronics by 12.4% in the 1st quarter. Bank of New York Mellon Corp now owns 998,992 shares of the technology company’s stock worth $118,511,000 after buying an additional 110,288 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company’s stock.

Arrow Electronics Price Performance

Shares of NYSE ARW opened at $108.07 on Monday. The company has a 50 day moving average of $99.33 and a 200 day moving average of $109.60. The company has a quick ratio of 1.06, a current ratio of 1.50 and a debt-to-equity ratio of 0.60. Arrow Electronics, Inc. has a twelve month low of $89.38 and a twelve month high of $137.95. The firm has a market cap of $6.65 billion, a P/E ratio of 5.05, a PEG ratio of 1.18 and a beta of 1.38.

Arrow Electronics (NYSE:ARWGet Rating) last posted its quarterly earnings results on Thursday, November 3rd. The technology company reported $5.45 earnings per share for the quarter, topping the consensus estimate of $5.39 by $0.06. Arrow Electronics had a return on equity of 27.82% and a net margin of 3.93%. The firm had revenue of $9.27 billion during the quarter, compared to analysts’ expectations of $9.28 billion. During the same quarter in the previous year, the business earned $4.04 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. As a group, research analysts expect that Arrow Electronics, Inc. will post 22.21 EPS for the current fiscal year.

Arrow Electronics announced that its Board of Directors has initiated a stock buyback program on Thursday, September 15th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 9.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, SVP Vincent P. Melvin sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $112.03, for a total transaction of $672,180.00. Following the sale, the senior vice president now owns 19,381 shares of the company’s stock, valued at approximately $2,171,253.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARW. Wells Fargo & Company cut Arrow Electronics from an “equal weight” rating to an “underweight” rating in a research note on Friday, September 16th. Stifel Nicolaus lowered their price target on Arrow Electronics from $130.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, October 10th. Finally, StockNews.com initiated coverage on shares of Arrow Electronics in a research note on Wednesday, October 12th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Arrow Electronics has a consensus rating of “Hold” and an average target price of $127.00.

About Arrow Electronics

(Get Rating)

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.

See Also

Want to see what other hedge funds are holding ARW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arrow Electronics, Inc. (NYSE:ARWGet Rating).

Institutional Ownership by Quarter for Arrow Electronics (NYSE:ARW)

Receive News & Ratings for Arrow Electronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arrow Electronics and related companies with MarketBeat.com's FREE daily email newsletter.