Sumitomo Mitsui Asset Management Company LTD maintained its position in shares of Avnet, Inc. (NYSE:AVT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,457 shares of the technology company’s stock at the end of the second quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Avnet were worth $367,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC increased its position in shares of Avnet by 27.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,520 shares of the technology company’s stock valued at $710,000 after buying an additional 3,322 shares during the last quarter. Speece Thorson Capital Group Inc. increased its position in shares of Avnet by 3.0% in the first quarter. Speece Thorson Capital Group Inc. now owns 226,467 shares of the technology company’s stock valued at $10,363,000 after buying an additional 6,518 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Avnet by 4.8% in the first quarter. Nationwide Fund Advisors now owns 357,316 shares of the technology company’s stock valued at $16,351,000 after buying an additional 16,399 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Avnet by 1.0% in the first quarter. Retirement Systems of Alabama now owns 166,404 shares of the technology company’s stock valued at $7,615,000 after buying an additional 1,588 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Avnet during the first quarter valued at approximately $768,000. 98.73% of the stock is owned by hedge funds and other institutional investors.

Avnet, Inc. (AVT) opened at 36.99 on Friday. The stock has a 50 day moving average price of $38.79 and a 200 day moving average price of $41.64. Avnet, Inc. has a 1-year low of $35.96 and a 1-year high of $51.50. The firm has a market cap of $4.59 billion, a P/E ratio of 9.05 and a beta of 1.04.

Avnet (NYSE:AVT) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same period in the previous year, the business posted $0.86 earnings per share. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, analysts anticipate that Avnet, Inc. will post $3.24 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date is Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.95%. Avnet’s dividend payout ratio (DPR) is 17.69%.

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Several brokerages have commented on AVT. Citigroup Inc. reissued a “sell” rating and set a $31.00 target price on shares of Avnet in a research note on Friday, April 28th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. SunTrust Banks, Inc. downgraded Avnet from a “buy” rating to a “hold” rating and lowered their target price for the stock from $53.00 to $39.00 in a research note on Friday, April 28th. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. Finally, Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Six investment 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’s stock. The company has an average rating of “Hold” and a consensus target price of $42.11.

In other Avnet news, CFO Kevin M. Moriarty bought 6,933 shares of Avnet stock in a transaction dated Thursday, May 18th. The stock was bought at an average price of $36.08 per share, with a total value of $250,142.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James A. Lawrence bought 408,451 shares of Avnet stock in a transaction dated Friday, June 2nd. The stock was acquired at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the transaction, the director now owns 416,549 shares of the company’s stock, valued at approximately $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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