Bank of Nova Scotia Sells 181,043 Shares of Arrow Electronics, Inc. (NYSE:ARW)

Bank of Nova Scotia lessened its position in Arrow Electronics, Inc. (NYSE:ARWGet Rating) by 98.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,923 shares of the technology company’s stock after selling 181,043 shares during the period. Bank of Nova Scotia’s holdings in Arrow Electronics were worth $328,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ARW. Wedge Capital Management L L P NC bought a new position in shares of Arrow Electronics in the 2nd quarter valued at about $43,429,000. Los Angeles Capital Management LLC lifted its stake in shares of Arrow Electronics by 372.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 432,288 shares of the technology company’s stock worth $51,282,000 after buying an additional 340,716 shares during the last quarter. Cooke & Bieler LP lifted its stake in shares of Arrow Electronics by 4.5% during the 1st quarter. Cooke & Bieler LP now owns 3,060,590 shares of the technology company’s stock worth $363,078,000 after buying an additional 131,811 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Arrow Electronics during the 1st quarter worth about $15,564,000. Finally, Martingale Asset Management L P lifted its stake in shares of Arrow Electronics by 223.7% during the 1st quarter. Martingale Asset Management L P now owns 178,021 shares of the technology company’s stock worth $21,120,000 after buying an additional 123,026 shares during the last quarter. Institutional investors own 95.74% of the company’s stock.

Arrow Electronics Price Performance

Shares of Arrow Electronics stock opened at $108.07 on Monday. Arrow Electronics, Inc. has a twelve month low of $89.38 and a twelve month high of $137.95. The company has a quick ratio of 1.06, a current ratio of 1.50 and a debt-to-equity ratio of 0.60. The company has a 50-day simple moving average of $99.33 and a two-hundred day simple moving average of $109.60. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of 5.05, a price-to-earnings-growth ratio of 1.18 and a beta of 1.38.

Arrow Electronics (NYSE:ARWGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The technology company reported $5.45 earnings per share for the quarter, topping the consensus estimate of $5.39 by $0.06. Arrow Electronics had a net margin of 3.93% and a return on equity of 27.82%. The business had revenue of $9.27 billion during the quarter, compared to analysts’ expectations of $9.28 billion. During the same quarter in the previous year, the company earned $4.04 EPS. The business’s revenue was up 8.9% on a year-over-year basis. Analysts forecast that Arrow Electronics, Inc. will post 22.21 EPS for the current year.

Arrow Electronics declared that its board has approved a stock repurchase plan on Thursday, September 15th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Arrow Electronics

In other Arrow Electronics news, SVP Vincent P. Melvin sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $112.03, for a total value of $672,180.00. Following the transaction, the senior vice president now directly owns 19,381 shares of the company’s stock, valued at approximately $2,171,253.43. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ARW shares. Wells Fargo & Company cut shares of Arrow Electronics from an “equal weight” rating to an “underweight” rating in a research note on Friday, September 16th. Stifel Nicolaus cut their target price on shares of Arrow Electronics from $130.00 to $105.00 and set a “hold” rating for the company in a research note on Monday, October 10th. Finally, StockNews.com began coverage on shares of Arrow Electronics in a research note on Wednesday, October 12th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $127.00.

About Arrow Electronics

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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.

Further Reading

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

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