Westpac Banking Corp Cuts Stake in Arrow Electronics, Inc. (NYSE:ARW)

Westpac Banking Corp cut its holdings in shares of Arrow Electronics, Inc. (NYSE:ARW) by 56.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,524 shares of the technology company’s stock after selling 4,604 shares during the period. Westpac Banking Corp’s holdings in Arrow Electronics were worth $505,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Wetherby Asset Management Inc. grew its stake in shares of Arrow Electronics by 3.5% during the first quarter. Wetherby Asset Management Inc. now owns 3,021 shares of the technology company’s stock valued at $358,000 after acquiring an additional 101 shares in the last quarter. Commerce Bank grew its stake in shares of Arrow Electronics by 3.5% during the second quarter. Commerce Bank now owns 3,130 shares of the technology company’s stock valued at $448,000 after acquiring an additional 107 shares in the last quarter. Moneta Group Investment Advisors LLC grew its stake in shares of Arrow Electronics by 5.0% during the first quarter. Moneta Group Investment Advisors LLC now owns 2,313 shares of the technology company’s stock valued at $289,000 after acquiring an additional 110 shares in the last quarter. LPL Financial LLC grew its stake in shares of Arrow Electronics by 5.3% during the fourth quarter. LPL Financial LLC now owns 2,342 shares of the technology company’s stock valued at $245,000 after acquiring an additional 118 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of Arrow Electronics by 4.4% during the first quarter. Neuberger Berman Group LLC now owns 2,837 shares of the technology company’s stock valued at $337,000 after acquiring an additional 119 shares in the last quarter. 94.79% of the stock is currently owned by institutional investors and hedge funds.

Arrow Electronics Stock Performance

Shares of ARW stock opened at $123.49 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average of $120.54 and a two-hundred day moving average of $128.28. Arrow Electronics, Inc. has a 52 week low of $101.01 and a 52 week high of $147.42. The company has a market cap of $6.69 billion, a P/E ratio of 6.90, a PEG ratio of 1.88 and a beta of 1.44.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ARW shares. StockNews.com upgraded Arrow Electronics from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Truist Financial lifted their price target on Arrow Electronics from $131.00 to $138.00 and gave the stock a “hold” rating in a research note on Monday, August 7th. Finally, Bank of America decreased their price target on Arrow Electronics from $155.00 to $148.00 in a research note on Sunday, August 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Arrow Electronics currently has an average rating of “Hold” and a consensus target price of $133.67.

Arrow Electronics 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.