DnB Asset Management AS raised its holdings in Avnet, Inc. (NYSE:AVT) by 15.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,923 shares of the technology company’s stock after purchasing an additional 3,000 shares during the quarter. DnB Asset Management AS’s holdings in Avnet were worth $908,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Riverhead Capital Management LLC increased its stake in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after purchasing an additional 1,559 shares during the period. Toronto Dominion Bank increased its stake in Avnet by 233.3% in the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after purchasing an additional 3,695 shares during the period. M&T Bank Corp acquired a new position in Avnet in the second quarter valued at $208,000. Magnetar Financial LLC acquired a new position in Avnet in the third quarter valued at $218,000. Finally, Paragon Capital Management Ltd acquired a new position in shares of Avnet during the third quarter worth about $227,000. Institutional investors own 95.93% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price target on the stock in a research note on Friday, January 5th. Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Finally, Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $39.57.
In related news, CEO Amelio J. William acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were purchased at an average price of $39.16 per share, with a total value of $117,480.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.65% of the stock is currently owned by insiders.
Avnet, Inc. (NYSE AVT) opened at $41.41 on Wednesday. Avnet, Inc. has a one year low of $35.67 and a one year high of $48.20. 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 stock has a market cap of $5,048.72, a PE ratio of 10.33, a PEG ratio of 1.37 and a beta of 1.09.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share. research analysts predict that Avnet, Inc. will post 3.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Tuesday, December 5th. Avnet’s dividend payout ratio is currently 17.96%.
Avnet announced that its board has approved a share repurchase program on Friday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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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.
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