State Treasurer State of Michigan cut its position in Arrow Electronics, Inc. (NYSE:ARW) by 17.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,062 shares of the technology company’s stock after selling 5,200 shares during the quarter. State Treasurer State of Michigan’s holdings in Arrow Electronics were worth $1,786,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Arrow Electronics by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,466,756 shares of the technology company’s stock valued at $239,030,000 after purchasing an additional 34,362 shares during the last quarter. Geode Capital Management LLC lifted its position in Arrow Electronics by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 918,201 shares of the technology company’s stock valued at $63,269,000 after purchasing an additional 86,631 shares during the last quarter. DNB Asset Management AS lifted its position in Arrow Electronics by 18.0% in the 2nd quarter. DNB Asset Management AS now owns 880,815 shares of the technology company’s stock valued at $62,776,000 after purchasing an additional 134,600 shares during the last quarter. Principal Financial Group Inc. lifted its position in Arrow Electronics by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 625,314 shares of the technology company’s stock valued at $48,187,000 after purchasing an additional 6,231 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Arrow Electronics by 15.1% in the 1st quarter. First Trust Advisors LP now owns 425,439 shares of the technology company’s stock valued at $32,784,000 after purchasing an additional 55,853 shares during the last quarter. Hedge funds and other institutional investors own 94.85% of the company’s stock.

Several brokerages recently weighed in on ARW. Stifel Nicolaus cut their price objective on shares of Arrow Electronics from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Deutsche Bank started coverage on shares of Arrow Electronics in a research report on Tuesday, June 11th. They set a “buy” rating and a $83.00 price target on the stock. Raymond James downgraded shares of Arrow Electronics from a “strong-buy” rating to an “outperform” rating and dropped their price target for the stock from $88.00 to $80.00 in a research report on Tuesday, July 2nd. Citigroup boosted their price target on shares of Arrow Electronics from $68.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Cross Research downgraded shares of Arrow Electronics from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $77.02.

Shares of ARW stock traded up $1.09 during midday trading on Tuesday, reaching $69.00. 33,269 shares of the company were exchanged, compared to its average volume of 773,578. Arrow Electronics, Inc. has a 12 month low of $62.35 and a 12 month high of $86.62. The stock has a market capitalization of $5.65 billion, a P/E ratio of 7.81, a P/E/G ratio of 2.22 and a beta of 1.39. The business has a 50 day simple moving average of $69.81. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.15 and a current ratio of 1.64.

Arrow Electronics (NYSE:ARW) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.04. The company had revenue of $7.34 billion for the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter last year, the firm posted $2.20 earnings per share. The firm’s quarterly revenue was down .6% compared to the same quarter last year. Equities research analysts predict that Arrow Electronics, Inc. will post 7.25 EPS for the current year.

About Arrow Electronics

Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.

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

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