PNC Financial Services Group Inc. Trims Stake in Arrow Electronics, Inc. (NYSE:ARW)

PNC Financial Services Group Inc. reduced its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 3.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,549 shares of the technology company’s stock after selling 296 shares during the period. PNC Financial Services Group Inc.’s holdings in Arrow Electronics were worth $784,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ARW. Golden State Wealth Management LLC increased its holdings in Arrow Electronics by 111.7% during the first quarter. Golden State Wealth Management LLC now owns 379 shares of the technology company’s stock valued at $39,000 after buying an additional 200 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Arrow Electronics during the first quarter valued at approximately $120,000. Lindbrook Capital LLC increased its holdings in Arrow Electronics by 300.5% during the first quarter. Lindbrook Capital LLC now owns 1,550 shares of the technology company’s stock valued at $161,000 after buying an additional 1,163 shares during the last quarter. Simon Quick Advisors LLC purchased a new stake in Arrow Electronics during the first quarter valued at approximately $203,000. Finally, Fulton Bank N.A. increased its holdings in Arrow Electronics by 6.4% during the first quarter. Fulton Bank N.A. now owns 2,026 shares of the technology company’s stock valued at $210,000 after buying an additional 122 shares during the last quarter. 99.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arrow Electronics

In related news, SVP Carine Lamercie Jean-Claude sold 2,660 shares of the firm’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $124.64, for a total transaction of $331,542.40. Following the completion of the transaction, the senior vice president directly owned 17,057 shares of the company’s stock, valued at approximately $2,125,984.48. This trade represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sean J. Kerins bought 8,630 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $114.91 per share, with a total value of $991,673.30. Following the completion of the purchase, the chief executive officer directly owned 122,408 shares of the company’s stock, valued at $14,065,903.28. This represents a 7.58% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.

Arrow Electronics Stock Performance

Shares of NYSE ARW opened at $119.91 on Tuesday. The firm has a fifty day moving average price of $126.03 and a 200-day moving average price of $115.26. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.39 and a quick ratio of 1.07. The stock has a market cap of $6.18 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 0.57 and a beta of 1.10. Arrow Electronics, Inc. has a 1 year low of $86.50 and a 1 year high of $137.80.

Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, July 31st. The technology company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.40. The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $7.12 billion. Arrow Electronics had a net margin of 1.64% and a return on equity of 8.37%. Arrow Electronics’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period last year, the company posted $2.78 earnings per share. Equities analysts anticipate that Arrow Electronics, Inc. will post 10.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ARW shares. Bank of America increased their price objective on shares of Arrow Electronics from $105.00 to $110.00 and gave the stock an “underperform” rating in a research note on Monday, June 9th. Wall Street Zen raised shares of Arrow Electronics from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Arrow Electronics currently has a consensus rating of “Hold” and an average price target of $115.75.

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.