State of Michigan Retirement System Has $1.54 Million Stock Holdings in Arrow Electronics, Inc. (NYSE:ARW)

State of Michigan Retirement System lowered its stake in Arrow Electronics, Inc. (NYSE:ARW) by 3.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,775 shares of the technology company’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Arrow Electronics were worth $1,543,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. QRG Capital Management Inc. lifted its stake in Arrow Electronics by 10.4% in the fourth quarter. QRG Capital Management Inc. now owns 6,116 shares of the technology company’s stock valued at $748,000 after buying an additional 575 shares during the period. Norges Bank acquired a new stake in shares of Arrow Electronics in the 4th quarter valued at approximately $79,027,000. BNP Paribas Financial Markets raised its position in shares of Arrow Electronics by 40.7% in the 4th quarter. BNP Paribas Financial Markets now owns 214,327 shares of the technology company’s stock valued at $26,201,000 after acquiring an additional 61,957 shares during the period. Intech Investment Management LLC bought a new position in Arrow Electronics during the 1st quarter worth approximately $682,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in Arrow Electronics by 20.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 59,293 shares of the technology company’s stock valued at $7,404,000 after purchasing an additional 10,083 shares during the period. 99.34% of the stock is currently owned by institutional investors.

Arrow Electronics Trading Down 0.1 %

ARW opened at $133.60 on Thursday. The stock has a market capitalization of $7.11 billion, a P/E ratio of 10.50 and a beta of 1.27. The company has a current ratio of 1.48, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. Arrow Electronics, Inc. has a 12 month low of $108.51 and a 12 month high of $135.31. The firm’s fifty day simple moving average is $124.83 and its 200 day simple moving average is $124.91.

Arrow Electronics (NYSE:ARW) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.62. The company had revenue of $6.89 billion for the quarter, compared to analyst estimates of $6.52 billion. Arrow Electronics had a return on equity of 12.77% and a net margin of 1.97%. The company’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.37 earnings per share. As a group, research analysts anticipate that Arrow Electronics, Inc. will post 10.34 EPS for the current fiscal year.

Analysts Set New Price Targets

ARW has been the topic of a number of recent analyst reports. Raymond James lifted their price target on shares of Arrow Electronics from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Truist Financial raised their price objective on Arrow Electronics from $124.00 to $141.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Wells Fargo & Company boosted their target price on Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group raised their price target on Arrow Electronics from $116.00 to $132.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arrow Electronics currently has a consensus rating of “Hold” and an average price target of $130.75.

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.