Avnet (NYSE:AVT) Holdings Reduced by AMP Capital Investors Ltd

AMP Capital Investors Ltd trimmed its stake in shares of Avnet (NYSE:AVT) by 11.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 207,890 shares of the technology company’s stock after selling 27,136 shares during the period. AMP Capital Investors Ltd owned about 0.17% of Avnet worth $8,238,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Pzena Investment Management LLC raised its position in shares of Avnet by 10.8% during the 4th quarter. Pzena Investment Management LLC now owns 9,031,623 shares of the technology company’s stock worth $357,833,000 after purchasing an additional 877,612 shares during the last quarter. Alliancebernstein L.P. grew its stake in Avnet by 2.3% in the 4th quarter. Alliancebernstein L.P. now owns 1,873,654 shares of the technology company’s stock worth $74,234,000 after acquiring an additional 42,577 shares during the period. LSV Asset Management grew its stake in Avnet by 5.0% in the 4th quarter. LSV Asset Management now owns 1,470,300 shares of the technology company’s stock worth $58,253,000 after acquiring an additional 69,700 shares during the period. Prudential Financial Inc. grew its stake in Avnet by 19.2% in the 3rd quarter. Prudential Financial Inc. now owns 1,377,344 shares of the technology company’s stock worth $54,130,000 after acquiring an additional 222,109 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its stake in Avnet by 0.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,172,180 shares of the technology company’s stock worth $46,442,000 after acquiring an additional 4,045 shares during the period. Institutional investors own 96.44% of the company’s stock.

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AVT has been the subject of several research reports. Pivotal Research initiated coverage on shares of Avnet in a research note on Tuesday, February 13th. They set a “hold” rating and a $44.00 price objective for the company. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a research note on Friday, January 19th. Goldman Sachs raised shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective for the company in a research note on Friday, January 5th. Finally, Zacks Investment Research cut shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $40.13.

In other news, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total value of $61,452.37. Following the sale, the insider now owns 5,354 shares in the company, valued at approximately $217,747.18. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction dated 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 owns 22,178 shares in the company, valued at approximately $931,476. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

AVT stock traded down $1.32 during trading on Friday, reaching $40.34. The stock had a trading volume of 531,632 shares, compared to its average volume of 631,012. Avnet has a 1-year low of $35.67 and a 1-year high of $45.09. 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 firm has a market capitalization of $4,996.92, a P/E ratio of 12.45, a P/E/G ratio of 1.33 and a beta of 0.96.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. The firm had revenue of $4.52 billion for the quarter, compared to analyst estimates of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 EPS. sell-side analysts anticipate that Avnet will post 3.47 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 27th. Stockholders of record on Tuesday, March 13th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Monday, March 12th. This is a positive change from Avnet’s previous quarterly dividend of $0.18. Avnet’s dividend payout ratio is 23.46%.

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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.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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