Schwab Charles Investment Management Inc. raised its holdings in shares of Avnet, Inc. (NYSE:AVT) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 638,369 shares of the technology company’s stock after buying an additional 33,618 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.53% of Avnet worth $25,293,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of AVT. Toronto Dominion Bank lifted its holdings in shares of Avnet by 233.3% during the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after buying an additional 3,695 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of Avnet during the third quarter worth approximately $218,000. Paragon Capital Management Ltd acquired a new position in shares of Avnet during the third quarter worth approximately $227,000. Commerce Bank acquired a new position in shares of Avnet during the third quarter worth approximately $245,000. Finally, Balyasny Asset Management LLC acquired a new position in shares of Avnet during the second quarter worth approximately $292,000. Institutional investors own 97.15% of the company’s stock.
In related news, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total value of $61,452.37. Following the completion of the transaction, the insider now directly owns 5,354 shares in the company, valued at $217,747.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amelio J. William purchased 3,000 shares of the stock in a transaction on Friday, December 8th. The stock was bought at an average price of $39.16 per share, for a total transaction of $117,480.00. The disclosure for this purchase can be found here. Corporate insiders own 1.65% of the company’s stock.
AVT has been the subject of a number of research analyst reports. TheStreet lowered Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Citigroup upped their price target on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a report on Friday, October 27th. Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Cross Research upgraded Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $40.13.
Avnet, Inc. (AVT) opened at $42.26 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56. The company has a market capitalization of $5,083.28, a price-to-earnings ratio of 11.71, a P/E/G ratio of 1.35 and a beta of 1.02. Avnet, Inc. has a 12 month low of $35.67 and a 12 month high of $47.08.
Avnet (NYSE:AVT) last issued its earnings results on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The business had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.46 billion. Avnet had a return on equity of 7.87% and a net margin of 2.51%. Avnet’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 earnings per share. research analysts predict that Avnet, Inc. will post 3.48 EPS for the current fiscal year.
Avnet announced that its Board of Directors has authorized a share repurchase plan on Friday, November 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.80%. This is a positive change from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, March 12th. Avnet’s dividend payout ratio is presently 19.94%.
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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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