Avnet, Inc. (AVT) Shares Bought by Legal & General Group Plc
Legal & General Group Plc boosted its stake in shares of Avnet, Inc. (NYSE:AVT) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 777,010 shares of the technology company’s stock after purchasing an additional 8,709 shares during the period. Legal & General Group Plc owned about 0.64% of Avnet worth $30,539,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Point View Wealth Management Inc. lifted its position in Avnet by 0.5% during the second quarter. Point View Wealth Management Inc. now owns 30,510 shares of the technology company’s stock valued at $1,186,000 after purchasing an additional 147 shares during the period. Advisor Group Inc. lifted its position in Avnet by 7.1% during the second quarter. Advisor Group Inc. now owns 8,208 shares of the technology company’s stock valued at $318,000 after purchasing an additional 544 shares during the period. Pictet Asset Management Ltd. increased its holdings in Avnet by 1.4% during the second quarter. Pictet Asset Management Ltd. now owns 45,000 shares of the technology company’s stock valued at $1,651,000 after buying an additional 600 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in Avnet by 0.5% during the second quarter. Mutual of America Capital Management LLC now owns 131,431 shares of the technology company’s stock valued at $5,110,000 after buying an additional 605 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Avnet by 21.9% during the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the last quarter. Institutional investors own 94.89% of the company’s stock.
Shares of Avnet, Inc. (AVT) opened at $39.14 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.78 and a quick ratio of 1.63. The stock has a market cap of $4,731.89, a price-to-earnings ratio of 12.04, a PEG ratio of 1.28 and a beta of 1.09. 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 Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.05. The firm had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 earnings per share. research analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current year.
Avnet declared that its Board of Directors has authorized a share buyback program on Friday, November 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th will be paid a $0.18 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.84%. Avnet’s dividend payout ratio (DPR) is presently 17.96%.
A number of analysts have commented on AVT shares. TheStreet cut shares of Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, October 10th. Stifel Nicolaus upped their target price on shares of Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a report on Thursday, October 26th. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, BidaskClub raised shares of Avnet from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $40.29.
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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