Avnet, Inc. (AVT) Shares Sold by Public Employees Retirement Association of Colorado
Public Employees Retirement Association of Colorado reduced its stake in shares of Avnet, Inc. (NYSE:AVT) by 7.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 19,764 shares of the company’s stock after selling 1,486 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Avnet were worth $777,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Pacad Investment Ltd. acquired a new stake in Avnet during the 2nd quarter worth approximately $113,000. Daiwa Securities Group Inc. raised its holdings in Avnet by 21.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the company’s stock worth $152,000 after buying an additional 700 shares during the period. Riverhead Capital Management LLC raised its holdings in Avnet by 50.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the company’s stock worth $181,000 after buying an additional 1,559 shares during the period. M&T Bank Corp acquired a new stake in Avnet during the 2nd quarter worth approximately $208,000. Finally, BB&T Securities LLC acquired a new stake in Avnet during the 2nd quarter worth approximately $218,000. Hedge funds and other institutional investors own 91.91% of the company’s stock.
AVT has been the topic of several research analyst reports. BidaskClub downgraded shares of Avnet from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Deutsche Bank AG restated a “hold” rating and set a $39.00 target price (down from $40.00) on shares of Avnet in a report on Thursday, August 10th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, October 10th. Finally, Stifel Nicolaus raised their price target on shares of Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of C$40.29.
In related news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of C$37.10, for a total value of C$393,260.00. Following the completion of the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at C$452,286.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.65% of the stock is currently owned by company insiders.
Avnet, Inc. (NYSE AVT) opened at C$39.56 on Monday. The firm has a market cap of $4,783.89, a P/E ratio of 12.17, a PEG ratio of 1.29 and a beta of 1.08. Avnet, Inc. has a 52 week low of C$35.67 and a 52 week high of C$51.50. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, October 26th. The company reported C$0.76 earnings per share for the quarter, topping the consensus estimate of C$0.71 by C$0.05. The company had revenue of C$4.66 billion during the quarter, compared to analysts’ expectations of C$4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. equities research analysts predict that Avnet, Inc. will post 3.36 earnings per share for the current fiscal year.
Avnet declared that its board has authorized a stock repurchase plan on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.82%. Avnet’s dividend payout ratio is presently 17.96%.
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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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