Texas Permanent School Fund Corp Grows Stock Position in Arrow Electronics, Inc. (NYSE:ARW)

Texas Permanent School Fund Corp lifted its stake in shares of Arrow Electronics, Inc. (NYSE:ARW) by 33.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,021 shares of the technology company’s stock after purchasing an additional 15,926 shares during the quarter. Texas Permanent School Fund Corp owned about 0.12% of Arrow Electronics worth $7,610,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ARW. QRG Capital Management Inc. raised its position in Arrow Electronics by 10.4% in the fourth quarter. QRG Capital Management Inc. now owns 6,116 shares of the technology company’s stock worth $748,000 after acquiring an additional 575 shares in the last quarter. Norges Bank purchased a new position in Arrow Electronics in the fourth quarter worth $79,027,000. BNP Paribas Financial Markets raised its position in Arrow Electronics by 40.7% in the fourth quarter. BNP Paribas Financial Markets now owns 214,327 shares of the technology company’s stock worth $26,201,000 after acquiring an additional 61,957 shares in the last quarter. Intech Investment Management LLC purchased a new position in Arrow Electronics in the first quarter worth $682,000. Finally, State Board of Administration of Florida Retirement System raised its position in Arrow Electronics by 20.5% in 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 in the last quarter. Hedge funds and other institutional investors own 99.34% of the company’s stock.

Arrow Electronics Stock Down 0.7 %

Arrow Electronics stock opened at $125.06 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.07 and a current ratio of 1.48. The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of 9.83 and a beta of 1.26. Arrow Electronics, Inc. has a fifty-two week low of $108.51 and a fifty-two week high of $136.93. The stock’s fifty day moving average is $126.15 and its two-hundred day moving average is $126.00.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.62. The business had revenue of $6.89 billion for the quarter, compared to analyst estimates of $6.52 billion. Arrow Electronics had a return on equity of 12.77% and a net margin of 1.97%. The business’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter last year, the company earned $4.37 earnings per share. Analysts predict that Arrow Electronics, Inc. will post 10.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. The Goldman Sachs Group increased their price objective on Arrow Electronics from $116.00 to $132.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Raymond James upped their target price on Arrow Electronics from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Truist Financial upped their target price on Arrow Electronics from $124.00 to $141.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company upped their target price on Arrow Electronics from $100.00 to $110.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $130.75.

About Arrow Electronics

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.