Avnet, Inc. (AVT) Holdings Raised by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its holdings in shares of Avnet, Inc. (NYSE:AVT) by 1.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 831,670 shares of the technology company’s stock after purchasing an additional 11,180 shares during the period. New York State Common Retirement Fund owned about 0.69% of Avnet worth $32,685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pacad Investment Ltd. bought a new stake in Avnet during the second quarter worth $113,000. Daiwa Securities Group Inc. lifted its stake in Avnet by 21.9% during the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock worth $152,000 after purchasing an additional 700 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,559 shares during the last quarter. M&T Bank Corp bought a new stake in Avnet during the second quarter worth $208,000. Finally, BB&T Securities LLC bought a new stake in Avnet during the second quarter worth $218,000. Hedge funds and other institutional investors own 94.89% of the company’s stock.

Several research firms have weighed in on AVT. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Stifel Nicolaus upped their target price on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. TheStreet upgraded Avnet from a “c” rating to a “b-” rating in a research note on Friday, November 10th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, October 10th. Finally, BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $40.29.

Avnet, Inc. (NYSE AVT) opened at $39.14 on Friday. Avnet, Inc. has a 12 month low of $35.67 and a 12 month high of $51.50. The company has a market capitalization of $4,733.08, a price-to-earnings ratio of 12.04, a PEG ratio of 1.28 and a beta of 1.09. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29.

Avnet (NYSE:AVT) last announced 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. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The company had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the prior year, the company earned $0.91 EPS. Avnet’s revenue was up 13.2% compared to the same quarter last year. sell-side analysts predict that Avnet, Inc. will post 3.36 earnings per share for the current fiscal year.

Avnet declared that its Board of Directors has approved a share buyback plan on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Tuesday, December 5th. Avnet’s payout ratio is 17.96%.

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Avnet 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.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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