Prudential Financial Inc. increased its stake in Avnet, Inc. (NYSE:AVT) by 35.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,155,235 shares of the technology company’s stock after buying an additional 305,342 shares during the period. Prudential Financial Inc. owned 0.92% of Avnet worth $44,915,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of Hawaii increased its position in Avnet by 1.5% in the first quarter. Bank of Hawaii now owns 15,945 shares of the technology company’s stock valued at $730,000 after buying an additional 229 shares in the last quarter. Bellwether Investment Group LLC increased its position in Avnet by 16.1% in the first quarter. Bellwether Investment Group LLC now owns 5,310 shares of the technology company’s stock valued at $243,000 after buying an additional 735 shares in the last quarter. Caxton Associates LP bought a new position in Avnet during the first quarter valued at approximately $563,000. Teachers Advisors LLC increased its position in Avnet by 12.2% in the fourth quarter. Teachers Advisors LLC now owns 143,522 shares of the technology company’s stock valued at $6,833,000 after buying an additional 15,589 shares in the last quarter. Finally, Liberty Mutual Group Asset Management Inc. increased its position in Avnet by 4.2% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 58,469 shares of the technology company’s stock valued at $2,675,000 after buying an additional 2,352 shares in the last quarter. 97.14% of the stock is currently owned by institutional investors.

Avnet, Inc. (NYSE AVT) opened at 37.55 on Wednesday. The firm’s 50-day moving average is $38.23 and its 200-day moving average is $40.93. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50. The stock has a market cap of $4.62 billion, a P/E ratio of 9.19 and a beta of 1.04.

Avnet (NYSE:AVT) last released its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping 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%. Avnet’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS. Equities research analysts predict that Avnet, Inc. will post $3.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.92%. The ex-dividend date is Friday, September 1st. Avnet’s dividend payout ratio (DPR) is presently 17.69%.

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Several research analysts recently commented on AVT shares. BidaskClub raised shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. ValuEngine downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research downgraded shares of Avnet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 2nd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $39.00 price target (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company. Avnet has an average rating of “Hold” and a consensus target price of $42.11.

In other Avnet news, Director J Veronica Biggins sold 10,600 shares of Avnet 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 sale, the director now directly owns 12,191 shares in the company, valued at approximately $452,286.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James A. Lawrence acquired 408,451 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were acquired at an average price of $36.99 per share, for a total transaction of $15,108,602.49. Following the completion of the acquisition, the director now directly owns 416,549 shares in the company, valued at $15,408,147.51. The disclosure for this purchase can be found here. Insiders own 1.47% of the company’s stock.

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.

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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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