Convergence Investment Partners LLC Invests $960,000 in Arrow Electronics, Inc. (NYSE:ARW)

Convergence Investment Partners LLC bought a new position in Arrow Electronics, Inc. (NYSE:ARW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 13,983 shares of the technology company’s stock, valued at approximately $960,000.

Several other large investors have also made changes to their positions in the stock. State of Michigan Retirement System grew its position in shares of Arrow Electronics by 27.1% during the 2nd quarter. State of Michigan Retirement System now owns 28,675 shares of the technology company’s stock valued at $1,970,000 after buying an additional 6,113 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Arrow Electronics by 94.3% during the 2nd quarter. Pacer Advisors Inc. now owns 36,753 shares of the technology company’s stock valued at $2,525,000 after purchasing an additional 17,834 shares during the period. CIBC Asset Management Inc acquired a new position in Arrow Electronics during the 2nd quarter valued at about $212,000. Nisa Investment Advisors LLC boosted its stake in Arrow Electronics by 0.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 40,070 shares of the technology company’s stock valued at $2,752,000 after purchasing an additional 250 shares during the period. Finally, Nissay Asset Management Corp Japan ADV boosted its stake in Arrow Electronics by 12.4% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 10,202 shares of the technology company’s stock valued at $701,000 after purchasing an additional 1,128 shares during the period. 92.89% of the stock is owned by institutional investors and hedge funds.

In related news, insider Vincent P. Melvin sold 8,914 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $67.67, for a total value of $603,210.38. Following the sale, the insider now directly owns 38,971 shares in the company, valued at approximately $2,637,167.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gretchen Zech sold 8,400 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $67.41, for a total transaction of $566,244.00. Following the completion of the sale, the senior vice president now owns 11,528 shares in the company, valued at $777,102.48. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

Shares of NYSE ARW traded up $1.93 during midday trading on Friday, reaching $71.62. The company’s stock had a trading volume of 749,762 shares, compared to its average volume of 444,039. The company has a current ratio of 1.45, a quick ratio of 1.04 and a debt-to-equity ratio of 0.44. The company has a 50 day moving average price of $66.98 and a 200 day moving average price of $66.61. Arrow Electronics, Inc. has a one year low of $39.25 and a one year high of $85.80. The company has a market cap of $5.65 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46.

Arrow Electronics (NYSE:ARW) last released its earnings results on Thursday, July 30th. The technology company reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.14. Arrow Electronics had a net margin of 1.41% and a return on equity of 11.39%. The business had revenue of $6.61 billion for the quarter, compared to the consensus estimate of $6.38 billion. During the same period in the previous year, the firm earned $1.60 EPS. The business’s revenue for the quarter was down 10.0% on a year-over-year basis. Research analysts anticipate that Arrow Electronics, Inc. will post 5.97 earnings per share for the current fiscal year.

A number of research analysts have issued reports on ARW shares. Bank of America reissued a “neutral” rating and set a $73.00 target price (up from $70.00) on shares of Arrow Electronics in a research note on Tuesday, May 5th. ValuEngine lowered shares of Arrow Electronics from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Raymond James lowered shares of Arrow Electronics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 14th. Loop Capital began coverage on shares of Arrow Electronics in a research note on Thursday, April 23rd. They set a “buy” rating and a $80.00 target price for the company. Finally, Citigroup reaffirmed a “buy” rating on shares of Arrow Electronics in a research note on Monday, July 13th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $72.00.

Arrow Electronics Profile

Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services.

Further Reading: Limitations of the P/E Growth ratio

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

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