Avnet, Inc. (AVT) Holdings Cut by Thrivent Financial For Lutherans
Thrivent Financial For Lutherans lessened its holdings in Avnet, Inc. (NYSE:AVT) by 81.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,330 shares of the technology company’s stock after selling 108,370 shares during the period. Thrivent Financial For Lutherans’ holdings in Avnet were worth $985,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the business. Laurion Capital Management LP bought a new position in Avnet in the second quarter valued at about $3,440,000. Hotchkis & Wiley Capital Management LLC grew its position in Avnet by 14.4% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 1,578,984 shares of the technology company’s stock valued at $61,391,000 after acquiring an additional 198,900 shares during the last quarter. Loews Corp grew its position in Avnet by 28.8% in the second quarter. Loews Corp now owns 9,401 shares of the technology company’s stock valued at $366,000 after acquiring an additional 2,101 shares during the last quarter. BlueMountain Capital Management LLC grew its position in Avnet by 140.3% in the second quarter. BlueMountain Capital Management LLC now owns 35,838 shares of the technology company’s stock valued at $1,393,000 after acquiring an additional 20,926 shares during the last quarter. Finally, Amalgamated Bank grew its position in Avnet by 20.3% in the second quarter. Amalgamated Bank now owns 24,450 shares of the technology company’s stock valued at $951,000 after acquiring an additional 4,134 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.
Shares of Avnet, Inc. (NYSE:AVT) opened at 40.46 on Friday. The stock’s 50 day moving average price is $38.31 and its 200-day moving average price is $39.38. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of 9.90 and a beta of 1.07. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.77 by $0.07. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.86 EPS. Equities analysts predict that Avnet, Inc. will post $3.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.72 annualized dividend and a yield of 1.78%. Avnet’s payout ratio is 17.69%.
In related news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the transaction, the director now directly owns 12,191 shares in the company, valued at approximately $452,286.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.65% of the stock is owned by company insiders.
A number of analysts have recently commented on the company. Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. BidaskClub raised Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $39.00 price target (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $38.40.
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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