State of Alaska Department of Revenue purchased a new stake in Avnet, Inc. (NYSE:AVT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,400 shares of the technology company’s stock, valued at approximately $293,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in AVT. Alpha Windward LLC bought a new stake in Avnet during the third quarter worth about $507,000. Diamond Hill Capital Management Inc. lifted its stake in shares of Avnet by 77.0% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,142,818 shares of the technology company’s stock valued at $44,913,000 after acquiring an additional 497,203 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Avnet by 262.0% in the 3rd quarter. Janus Henderson Group PLC now owns 764,285 shares of the technology company’s stock valued at $30,037,000 after acquiring an additional 553,130 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Avnet by 304.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 214,010 shares of the technology company’s stock valued at $8,411,000 after acquiring an additional 161,088 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Avnet in the 3rd quarter valued at about $435,000. Institutional investors own 97.15% of the company’s stock.
In other Avnet news, CEO Amelio J. William purchased 3,000 shares of the business’s stock in a transaction on Friday, December 8th. The stock was acquired at an average price of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.65% of the stock is currently owned by company insiders.
Avnet, Inc. (NYSE:AVT) traded up $0.57 during mid-day trading on Wednesday, reaching $41.37. The company had a trading volume of 320,880 shares, compared to its average volume of 1,160,396. The company has a market cap of $4,833.79, a PE ratio of 12.36, a PEG ratio of 1.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56. Avnet, Inc. has a fifty-two week low of $35.67 and a fifty-two week high of $47.08.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The company had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same period last year, the firm earned $0.77 EPS. Avnet’s revenue for the quarter was up 5.8% compared to the same quarter last year. analysts predict that Avnet, Inc. will post 3.48 EPS for the current year.
Avnet announced that its Board of Directors has initiated a share buyback program on Friday, November 10th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be issued a $0.19 dividend. This is a boost from Avnet’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Monday, March 12th. Avnet’s dividend payout ratio (DPR) is currently 19.94%.
A number of research analysts have commented on AVT shares. Stifel Nicolaus upped their price target on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Citigroup upped their price target on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research report on Friday, October 27th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Finally, ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Avnet presently has a consensus rating of “Hold” and an average price target of $40.13.
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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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