Avnet, Inc. (AVT) Stake Boosted by Wells Fargo & Company MN
Wells Fargo & Company MN lifted its holdings in Avnet, Inc. (NYSE:AVT) by 160.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,216,205 shares of the technology company’s stock after purchasing an additional 1,363,770 shares during the period. Wells Fargo & Company MN owned 1.77% of Avnet worth $86,166,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Weaver C. Barksdale & Associates Inc. increased its stake in Avnet by 11.2% during the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after acquiring an additional 262 shares during the period. Pacad Investment Ltd. bought a new position in Avnet during the second quarter valued at about $113,000. Daiwa Securities Group Inc. increased its stake 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 acquiring an additional 700 shares during the period. BB&T Securities LLC bought a new position in Avnet during the second quarter valued at about $218,000. Finally, Anchor Capital Advisors LLC increased its stake in Avnet by 8.4% during the first quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock valued at $219,000 after acquiring an additional 370 shares during the period. Institutional investors and hedge funds own 97.14% of the company’s stock.
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In related news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.47% of the company’s stock.
Avnet, Inc. (NYSE AVT) opened at 38.31 on Thursday. The stock’s 50 day moving average is $37.62 and its 200 day moving average is $40.13. The company has a market capitalization of $4.71 billion, a PE ratio of 9.38 and a beta of 1.03. Avnet, Inc. has a one year low of $35.67 and a one year high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. Avnet’s revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 EPS. On average, analysts anticipate that Avnet, Inc. will post $3.26 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, September 1st. Avnet’s payout ratio is currently 17.69%.
Several equities analysts recently issued reports on the company. BidaskClub upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Monday, July 3rd. Deutsche Bank AG restated 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. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine lowered Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $42.11.
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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