The Manufacturers Life Insurance Company cut its position in Avnet, Inc. (NYSE:AVT) by 1.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,333 shares of the technology company’s stock after selling 2,433 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.15% of Avnet worth $7,166,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of AVT. Weaver C. Barksdale & Associates Inc. boosted its holdings in shares of Avnet by 11.2% in the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after purchasing an additional 262 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Avnet in the 2nd quarter valued at about $113,000. Daiwa Securities Group Inc. lifted its stake in shares of Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after acquiring an additional 700 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in shares of Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after acquiring an additional 1,559 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Avnet in the 2nd quarter valued at about $208,000. Hedge funds and other institutional investors own 93.37% of the company’s stock.
A number of research analysts have commented on AVT shares. Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $44.00 to $40.00 in a research report on Friday, July 14th. BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, October 10th. Cross Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, Citigroup Inc. upped their price target on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $40.29.
In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the sale, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.65% of the stock is owned by company insiders.
Shares of Avnet, Inc. (AVT) traded up $0.12 during trading on Friday, reaching $39.56. The company had a trading volume of 859,200 shares, compared to its average volume of 1,124,323. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. The company has a market cap of $4,769.38, a PE ratio of 12.14, a P/E/G ratio of 1.29 and a beta of 1.08. Avnet, Inc. has a one year low of $35.67 and a one year high of $51.50.
Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. equities research analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.82%. Avnet’s dividend payout ratio is presently 17.96%.
Avnet declared that its Board of Directors has authorized a share buyback plan on Friday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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