Royal Bank of Canada grew its stake in shares of Alloycorp Mining Inc (NYSE:AVT) by 169.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 68,924 shares of the company’s stock after acquiring an additional 43,372 shares during the period. Royal Bank of Canada owned about 0.06% of Alloycorp Mining worth $2,679,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System grew its position in shares of Alloycorp Mining by 0.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the company’s stock valued at $1,267,000 after acquiring an additional 100 shares during the period. Point View Wealth Management Inc. grew its position in shares of Alloycorp Mining by 0.5% during the 2nd quarter. Point View Wealth Management Inc. now owns 30,510 shares of the company’s stock valued at $1,186,000 after acquiring an additional 147 shares during the period. Weaver C. Barksdale & Associates Inc. grew its position in shares of Alloycorp Mining by 11.2% during the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the company’s stock valued at $101,000 after acquiring an additional 262 shares during the period. Xact Kapitalforvaltning AB grew its position in shares of Alloycorp Mining by 2.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,083 shares of the company’s stock valued at $664,000 after acquiring an additional 446 shares during the period. Finally, Advisor Group Inc. grew its position in shares of Alloycorp Mining by 7.1% during the 2nd quarter. Advisor Group Inc. now owns 8,208 shares of the company’s stock valued at $318,000 after acquiring an additional 544 shares during the period.
Alloycorp Mining Inc (NYSE AVT) traded up C$0.13 during midday trading on Friday, reaching C$39.56. 859,298 shares of the company’s stock traded hands, compared to its average volume of 869,742. Alloycorp Mining Inc has a fifty-two week low of C$35.67 and a fifty-two week high of C$51.50.
Alloycorp Mining (NYSE:AVT) last posted its earnings results on Thursday, October 26th. The company reported C$0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.71 by C$0.05. Alloycorp Mining had a net margin of 1.25% and a return on equity of 4.48%. The business had revenue of C$4.66 billion for the quarter, compared to analysts’ expectations of C$4.34 billion. During the same period in the prior year, the company posted $0.91 EPS. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.82%.
Alloycorp Mining declared that its Board of Directors has approved a share buyback program on Friday, November 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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A number of research analysts have recently weighed in on AVT shares. TheStreet downgraded shares of Alloycorp Mining from a “b” rating to a “c” rating in a research report on Thursday, October 26th. Zacks Investment Research raised shares of Alloycorp Mining from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, October 10th. Bank of America Corporation cut shares of Alloycorp Mining from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Stifel Nicolaus upped their price target on shares of Alloycorp Mining from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Finally, ValuEngine upgraded shares of Alloycorp Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of C$40.29.
In other Alloycorp Mining news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of C$37.10, for a total value of C$393,260.00. Following the sale, the director now directly owns 12,191 shares in the company, valued at approximately C$452,286.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Alloycorp Mining Company Profile
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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