Insider Selling: Avnet, Inc. (AVT) Insider Sells 14,292 Shares of Stock

Avnet, Inc. (NYSE:AVT) insider Philip R. Gallagher sold 14,292 shares of Avnet stock in a transaction on Friday, February 16th. The shares were sold at an average price of $42.00, for a total transaction of $600,264.00. Following the completion of the sale, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Shares of Avnet, Inc. (NYSE:AVT) traded down $0.22 during trading hours on Wednesday, reaching $42.01. The company’s stock had a trading volume of 797,700 shares, compared to its average volume of 1,123,277. The company has a current ratio of 2.75, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. Avnet, Inc. has a fifty-two week low of $35.67 and a fifty-two week high of $47.08. The company has a market cap of $5,068.89, a PE ratio of 11.64, a PEG ratio of 1.35 and a beta of 1.02.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share for the quarter, beating the 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 business had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same period last year, the business earned $0.77 EPS. The business’s revenue was up 5.8% on a year-over-year basis. equities research analysts forecast that Avnet, Inc. will post 3.48 earnings per share for the current year.

Avnet declared that its Board of Directors has authorized a stock repurchase plan on Friday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 27th. Shareholders of record on Tuesday, March 13th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, March 12th. This is a boost from Avnet’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.81%. Avnet’s dividend payout ratio (DPR) is 19.94%.

A number of large investors have recently modified their holdings of AVT. Balter Liquid Alternatives LLC bought a new position in Avnet during the 4th quarter valued at $136,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Avnet during the 4th quarter valued at $170,000. Robeco Institutional Asset Management B.V. lifted its stake in Avnet by 136.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 4,633 shares of the technology company’s stock valued at $184,000 after acquiring an additional 2,677 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in Avnet by 135.0% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,977 shares of the technology company’s stock valued at $198,000 after acquiring an additional 2,859 shares in the last quarter. Finally, Oakbrook Investments LLC bought a new position in Avnet during the 4th quarter valued at $202,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

Several analysts recently issued reports on AVT shares. Stifel Nicolaus lifted their price target on shares of Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Citigroup lifted their price target on shares of 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 shares of Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. TheStreet downgraded shares of Avnet from a “b” rating to a “c” rating in a research report on Thursday, October 26th. Finally, ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Three 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. The stock has a consensus rating of “Hold” and a consensus target price of $40.13.

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About Avnet

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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