Arrow Financial Corp Has $27.35 Million Stake in Apple Inc. (NASDAQ:AAPL)

Arrow Financial Corp boosted its holdings in Apple Inc. (NASDAQ:AAPL) by 0.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 117,384 shares of the iPhone maker’s stock after acquiring an additional 144 shares during the quarter. Apple accounts for approximately 2.5% of Arrow Financial Corp’s investment portfolio, making the stock its 10th biggest holding. Arrow Financial Corp’s holdings in Apple were worth $27,350,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bull Oak Capital LLC raised its position in Apple by 252.3% in the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock valued at $36,000 after buying an additional 111 shares during the last quarter. Hershey Financial Advisers LLC bought a new stake in shares of Apple in the 2nd quarter worth $42,000. Christopher J. Hasenberg Inc grew its stake in shares of Apple by 88.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after acquiring an additional 144 shares in the last quarter. ARK Investment Management LLC purchased a new stake in shares of Apple in the third quarter valued at about $110,000. Finally, Cordant Inc. lifted its position in shares of Apple by 34.3% during the third quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock valued at $158,000 after purchasing an additional 173 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Price Performance

Shares of AAPL opened at $228.26 on Friday. The firm has a 50-day simple moving average of $240.93 and a two-hundred day simple moving average of $230.57. The stock has a market cap of $3.45 trillion, a PE ratio of 37.54, a P/E/G ratio of 2.32 and a beta of 1.20. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $260.10. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.04. The company had revenue of $94.93 billion during the quarter, compared to the consensus estimate of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. Apple’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. As a group, analysts forecast that Apple Inc. will post 7.43 EPS for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were paid a $0.25 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. Apple’s dividend payout ratio is currently 16.45%.

Insiders Place Their Bets

In other news, COO Jeffrey E. Williams sold 100,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $249.97, for a total value of $24,997,000.00. Following the transaction, the chief operating officer now owns 389,944 shares in the company, valued at approximately $97,474,301.68. This represents a 20.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,130 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Sanford C. Bernstein boosted their target price on Apple from $240.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Barclays boosted their price objective on Apple to $184.00 and gave the stock a “sell” rating in a research report on Friday, January 10th. Citigroup raised their target price on Apple to $185.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. UBS Group reissued a “neutral” rating and issued a $236.00 price target on shares of Apple in a report on Monday, December 2nd. Finally, Jefferies Financial Group downgraded shares of Apple from a “buy” rating to a “hold” rating and raised their price objective for the stock from $205.00 to $212.92 in a report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $239.85.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.