Bank of Nova Scotia Trims Stock Holdings in Arrow Electronics, Inc. (NYSE:ARW)

Bank of Nova Scotia decreased its position in Arrow Electronics, Inc. (NYSE:ARW – Get Rating) by 44.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,911 shares of the technology company’s stock after selling 3,989 shares during the period. Bank of Nova Scotia’s holdings in Arrow Electronics were worth $514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cooke & Bieler LP grew its position in Arrow Electronics by 7.6% during the 4th quarter. Cooke & Bieler LP now owns 3,506,480 shares of the technology company’s stock worth $366,673,000 after purchasing an additional 246,657 shares during the period. LSV Asset Management grew its position in Arrow Electronics by 4.4% during the 3rd quarter. LSV Asset Management now owns 2,943,260 shares of the technology company’s stock worth $271,339,000 after purchasing an additional 123,268 shares during the period. Bank of New York Mellon Corp grew its position in Arrow Electronics by 5.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 786,209 shares of the technology company’s stock worth $72,480,000 after purchasing an additional 40,754 shares during the period. Polaris Capital Management LLC grew its position in shares of Arrow Electronics by 2.3% during the 4th quarter. Polaris Capital Management LLC now owns 505,903 shares of the technology company’s stock valued at $52,902,000 after acquiring an additional 11,400 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Arrow Electronics by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 468,397 shares of the technology company’s stock valued at $55,566,000 after acquiring an additional 10,873 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Activity

In other news, Chairman Michael J. Long sold 3,712 shares of Arrow Electronics stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $120.29, for a total transaction of $446,516.48. Following the sale, the chairman now owns 209,172 shares of the company’s stock, valued at approximately $25,161,299.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Chairman Michael J. Long sold 3,712 shares of Arrow Electronics stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $120.29, for a total transaction of $446,516.48. Following the sale, the chairman now owns 209,172 shares of the company’s stock, valued at approximately $25,161,299.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kristin Diana Russell sold 10,306 shares of Arrow Electronics stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $117.70, for a total transaction of $1,213,016.20. Following the completion of the sale, the insider now owns 14,535 shares of the company’s stock, valued at approximately $1,710,769.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,429 shares of company stock valued at $4,786,856. 1.10% of the stock is currently owned by company insiders.

Arrow Electronics Trading Down 1.6 %

ARW opened at $120.71 on Thursday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.62 and a quick ratio of 1.09. The company’s 50 day simple moving average is $118.15 and its two-hundred day simple moving average is $114.99. Arrow Electronics, Inc. has a 1-year low of $89.38 and a 1-year high of $134.56. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of 5.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.40.

Arrow Electronics (NYSE:ARW – Get Rating) last released its earnings results on Thursday, May 4th. The technology company reported $4.60 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.13. Arrow Electronics had a net margin of 3.63% and a return on equity of 24.92%. The business had revenue of $8.74 billion for the quarter, compared to analyst estimates of $8.61 billion. During the same period last year, the company posted $5.43 EPS. The business’s revenue was down 3.7% on a year-over-year basis. Analysts expect that Arrow Electronics, Inc. will post 15.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ARW has been the topic of a number of analyst reports. Raymond James raised their target price on Arrow Electronics from $125.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, February 3rd. Citigroup raised their target price on Arrow Electronics from $115.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, February 3rd. The Goldman Sachs Group raised their target price on Arrow Electronics from $111.00 to $126.00 and gave the company a “neutral” rating in a research report on Monday, February 6th. Truist Financial raised their target price on Arrow Electronics from $116.00 to $131.00 and gave the company a “hold” rating in a research report on Friday, February 3rd. Finally, Bank of America lowered their price objective on Arrow Electronics from $140.00 to $135.00 in a report on Monday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $126.71.

About Arrow Electronics

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Arrow Electronics, Inc engages in the provision of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. It operates under the Global Components Business and Global Enterprise Computing Solutions (Global ECS) segments. The Global Components segment focuses on marketing and distribution of electronic components enabled by a comprehensive range of value-added capabilities and services.