Schwab Charles Investment Management Inc. lifted its stake in shares of Avnet, Inc. (NYSE:AVT) by 5.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 638,369 shares of the technology company’s stock after purchasing an additional 33,618 shares during the period. Schwab Charles Investment Management Inc. owned about 0.53% of Avnet worth $25,293,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its stake in Avnet by 233.3% during the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after acquiring an additional 3,695 shares in the last quarter. Magnetar Financial LLC purchased a new stake in Avnet during the 3rd quarter valued at about $218,000. Paragon Capital Management Ltd purchased a new stake in Avnet during the 3rd quarter valued at about $227,000. Commerce Bank acquired a new position in Avnet in the 3rd quarter valued at about $245,000. Finally, Balyasny Asset Management LLC acquired a new position in Avnet in the 2nd quarter valued at about $292,000. 96.58% of the stock is owned by institutional investors and hedge funds.
In other Avnet news, insider Philip R. Gallagher sold 14,292 shares of the firm’s 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 transaction, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin V. Summers sold 1,511 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total transaction of $61,452.37. Following the transaction, the insider now directly owns 5,354 shares in the company, valued at $217,747.18. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
Shares of Avnet, Inc. (AVT) traded up $0.78 during trading hours on Friday, hitting $42.62. 419,778 shares of the company’s stock were exchanged, compared to its average volume of 1,150,000. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $47.08. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 2.75. The stock has a market cap of $5,110.00, a P/E ratio of 18.45, a PEG ratio of 1.33 and a beta of 1.02.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The company had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same period in the prior year, the firm posted $0.77 EPS. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. research analysts expect that Avnet, Inc. will post 3.48 earnings per share for the current fiscal year.
Avnet declared that its Board of Directors has initiated a stock buyback program on Friday, November 10th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 27th. Shareholders of record on Tuesday, March 13th will be given a $0.19 dividend. The ex-dividend date is Monday, March 12th. This is an increase from Avnet’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.78%. Avnet’s dividend payout ratio is currently 31.17%.
Several equities analysts have weighed in on AVT shares. Citigroup boosted their target price on shares of Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a report on Friday, October 27th. Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Finally, Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a report on Friday, January 5th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s 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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