Tower Research Capital LLC TRC Buys 6,995 Shares of Avnet Inc. (AVT)
Tower Research Capital LLC TRC increased its stake in Avnet Inc. (NYSE:AVT) by 876.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,793 shares of the company’s stock after buying an additional 6,995 shares during the period. Tower Research Capital LLC TRC’s holdings in Avnet were worth $315,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Weaver C. Barksdale & Associates Inc. raised its position in Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock valued at $118,000 after buying an additional 388 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in Avnet by 1.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,864 shares of the company’s stock valued at $216,000 after buying an additional 88 shares during the last quarter. Boston Private Wealth LLC raised its position in Avnet by 10.8% in the second quarter. Boston Private Wealth LLC now owns 5,475 shares of the company’s stock valued at $222,000 after buying an additional 533 shares during the last quarter. CIBC Asset Management Inc raised its position in Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock valued at $228,000 after buying an additional 108 shares during the last quarter. Finally, Gerstein Fisher bought a new position in Avnet during the second quarter valued at about $257,000. Institutional investors and hedge funds own 94.69% of the company’s stock.
Avnet Inc. (NYSE:AVT) opened at 41.89 on Tuesday. The stock has a 50 day moving average price of $41.07 and a 200-day moving average price of $41.60. Avnet Inc. has a 1-year low of $37.10 and a 1-year high of $46.95. The stock has a market cap of $5.34 billion, a PE ratio of 11.02 and a beta of 1.16.
Avnet (NYSE:AVT) last posted its earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.02. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The business had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter last year, the business earned $1.16 earnings per share. Avnet’s revenue was down 8.4% on a year-over-year basis. On average, equities analysts expect that Avnet Inc. will post $4.20 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.62%. Avnet’s dividend payout ratio is currently 17.85%.
Several equities analysts recently issued reports on AVT shares. SunTrust Banks Inc. restated a “buy” rating on shares of Avnet in a research report on Saturday, June 25th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Friday, July 8th. Stifel Nicolaus cut Avnet from a “buy” rating to a “hold” rating in a report on Tuesday. Brean Capital reiterated a “hold” rating on shares of Avnet in a report on Thursday, August 11th. Finally, Goldman Sachs Group Inc. upgraded Avnet from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $39.00 to $41.00 in a report on Tuesday, June 7th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $43.43.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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