Retirement Systems of Alabama Has $7.93 Million Position in Arrow Electronics, Inc. (NYSE:ARW)

Retirement Systems of Alabama cut its stake in Arrow Electronics, Inc. (NYSE:ARW) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,698 shares of the technology company’s stock after selling 1,875 shares during the quarter. Retirement Systems of Alabama owned 0.12% of Arrow Electronics worth $7,934,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ARW. Rise Advisors LLC bought a new stake in Arrow Electronics in the first quarter valued at approximately $32,000. Versant Capital Management Inc increased its position in shares of Arrow Electronics by 794.6% in the 2nd quarter. Versant Capital Management Inc now owns 331 shares of the technology company’s stock valued at $40,000 after buying an additional 294 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Arrow Electronics by 76.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 346 shares of the technology company’s stock worth $45,000 after buying an additional 150 shares during the period. Principal Securities Inc. bought a new position in Arrow Electronics during the fourth quarter worth about $56,000. Finally, GAMMA Investing LLC acquired a new position in Arrow Electronics in the fourth quarter valued at about $58,000. 99.34% of the stock is currently owned by institutional investors and hedge funds.

Arrow Electronics Trading Up 2.0 %

NYSE:ARW opened at $133.18 on Friday. The company has a market cap of $7.09 billion, a P/E ratio of 10.47 and a beta of 1.27. Arrow Electronics, Inc. has a twelve month low of $108.51 and a twelve month high of $135.31. The business has a 50 day moving average price of $124.45 and a two-hundred day moving average price of $124.44. The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.43.

Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, August 1st. The technology company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.16 by $0.62. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The business had revenue of $6.89 billion during the quarter, compared to analysts’ expectations of $6.52 billion. During the same quarter in the prior year, the company posted $4.37 earnings per share. The firm’s revenue was down 19.0% on a year-over-year basis. As a group, analysts expect that Arrow Electronics, Inc. will post 10.34 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Arrow Electronics Company 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.