9,030 Shares in Arrow Electronics, Inc. (NYSE:ARW) Acquired by Bridges Investment Management Inc.

Bridges Investment Management Inc. bought a new stake in Arrow Electronics, Inc. (NYSE:ARW) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 9,030 shares of the technology company’s stock, valued at approximately $1,090,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Arrow Electronics in the 4th quarter worth $79,027,000. Intech Investment Management LLC acquired a new stake in Arrow Electronics in the first quarter worth about $682,000. State Board of Administration of Florida Retirement System grew its stake in shares of 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 worth $7,404,000 after acquiring an additional 10,083 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Arrow Electronics by 128.9% during the first quarter. Illinois Municipal Retirement Fund now owns 35,304 shares of the technology company’s stock valued at $4,570,000 after acquiring an additional 19,880 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Arrow Electronics by 6.8% during the first quarter. Russell Investments Group Ltd. now owns 96,210 shares of the technology company’s stock valued at $12,456,000 after acquiring an additional 6,157 shares in the last quarter. 99.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on ARW. Truist Financial boosted their target price 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. Raymond James boosted their price objective on shares of Arrow Electronics from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. The Goldman Sachs Group raised their target price on Arrow Electronics from $116.00 to $132.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Finally, Wells Fargo & Company boosted their price target on Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. One investment 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 MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $130.75.

Arrow Electronics Stock Down 1.6 %

ARW stock opened at $131.76 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.48 and a quick ratio of 1.07. The firm’s fifty day simple moving average is $127.46 and its 200-day simple moving average is $126.45. Arrow Electronics, Inc. has a 12 month low of $108.51 and a 12 month high of $136.93. The company has a market capitalization of $7.01 billion, a P/E ratio of 10.36 and a beta of 1.27.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $2.78 EPS for the quarter, beating the consensus estimate 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 net margin of 1.97% and a return on equity of 12.77%. The firm’s revenue was down 19.0% on a year-over-year basis. During the same period in the prior year, the company earned $4.37 earnings per share. As a group, equities research analysts forecast that Arrow Electronics, Inc. will post 10.74 earnings per share for the current year.

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.