Today: The Bank of Montreal Can Acquires New Position in Arrow Electronics Inc. (ARW)

The Bank of Montreal Can Acquires New Position in Arrow Electronics Inc. (ARW)

Bank of Montreal Can purchased a new stake in shares of Arrow Electronics Inc. (NYSE:ARW) during the second quarter, Holdings Channel reports. The fund purchased 71,056 shares of the company’s stock, valued at approximately $4,398,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Weaver C. Barksdale & Associates Inc. boosted its position in Arrow Electronics by 8.9% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 1,679 shares of the company’s stock valued at $104,000 after buying an additional 137 shares in the last quarter. Balasa Dinverno & Foltz LLC bought a new position in Arrow Electronics during the second quarter valued at $275,000. Parametrica Management Ltd bought a new position in Arrow Electronics during the second quarter valued at $326,000. Pacad Investment Ltd. boosted its position in Arrow Electronics by 21.0% in the first quarter. Pacad Investment Ltd. now owns 7,500 shares of the company’s stock valued at $483,000 after buying an additional 1,300 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its position in Arrow Electronics by 35.9% in the second quarter. LS Investment Advisors LLC now owns 8,671 shares of the company’s stock valued at $537,000 after buying an additional 2,292 shares in the last quarter. 93.66% of the stock is currently owned by hedge funds and other institutional investors.

Arrow Electronics Inc. (NYSE:ARW) traded down 0.68% during mid-day trading on Thursday, hitting $62.41. 351,010 shares of the company traded hands. Arrow Electronics Inc. has a one year low of $45.23 and a one year high of $68.07. The firm has a market capitalization of $5.70 billion, a P/E ratio of 11.50 and a beta of 1.49. The firm has a 50 day moving average of $63.89 and a 200 day moving average of $64.00.

Arrow Electronics (NYSE:ARW) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.65 EPS for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.01. Arrow Electronics had a net margin of 2.13% and a return on equity of 13.94%. The business earned $5.97 billion during the quarter, compared to analysts’ expectations of $6.04 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities research analysts expect that Arrow Electronics Inc. will post $6.65 earnings per share for the current fiscal year.

ARW has been the topic of a number of analyst reports. Citigroup Inc. increased their target price on shares of Arrow Electronics from $48.00 to $57.00 and gave the stock a “sell” rating in a research report on Wednesday, August 3rd. Zacks Investment Research upgraded shares of Arrow Electronics from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Tuesday, July 5th. Goldman Sachs Group Inc. lowered shares of Arrow Electronics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $72.00 to $63.00 in a research report on Tuesday, September 20th. Brean Capital set a $70.00 target price on shares of Arrow Electronics and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, SunTrust Banks Inc. restated a “buy” rating on shares of Arrow Electronics in a research report on Saturday, June 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Arrow Electronics currently has a consensus rating of “Hold” and a consensus price target of $63.33.

In other news, General Counsel Gregory Tarpinian sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $66.40, for a total value of $66,400.00. Following the completion of the sale, the general counsel now owns 6,099 shares of the company’s stock, valued at approximately $404,973.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael J. Long sold 44,777 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $66.35, for a total transaction of $2,970,953.95. Following the completion of the sale, the chairman now directly owns 308,393 shares of the company’s stock, valued at approximately $20,461,875.55. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Arrow Electronics Company Profile

Arrow Electronics, Inc is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from electronic components and enterprise computing solutions suppliers, coupled with a range of services, solutions and tools for industrial and commercial customers.

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