Avnet, Inc. (AVT) Stake Reduced by Victory Capital Management Inc.
Victory Capital Management Inc. reduced its position in Avnet, Inc. (NYSE:AVT) by 58.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,357,702 shares of the technology company’s stock after selling 1,931,537 shares during the period. Victory Capital Management Inc. owned about 1.09% of Avnet worth $52,787,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. State Treasurer State of Michigan raised its position in shares of Avnet by 1.7% in the first quarter. State Treasurer State of Michigan now owns 52,340 shares of the technology company’s stock worth $2,395,000 after buying an additional 900 shares in the last quarter. Heartland Advisors Inc. raised its position in shares of Avnet by 43.8% in the first quarter. Heartland Advisors Inc. now owns 8,972 shares of the technology company’s stock worth $411,000 after buying an additional 2,731 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Avnet by 0.5% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,940 shares of the technology company’s stock worth $867,000 after buying an additional 100 shares in the last quarter. Tocqueville Asset Management L.P. raised its position in shares of Avnet by 841.6% in the first quarter. Tocqueville Asset Management L.P. now owns 50,347 shares of the technology company’s stock worth $2,304,000 after buying an additional 45,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Avnet by 1,147.3% in the first quarter. Wells Fargo & Company MN now owns 852,435 shares of the technology company’s stock worth $39,007,000 after buying an additional 784,095 shares in the last quarter. Hedge funds and other institutional investors own 97.14% of the company’s stock.
Shares of Avnet, Inc. (NYSE AVT) opened at 37.44 on Tuesday. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 9.16 and a beta of 1.04. The stock has a 50 day moving average of $38.23 and a 200-day moving average of $40.93. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $51.50.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same quarter in the prior year, the business posted $0.86 earnings per share. Avnet’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts expect that Avnet, Inc. will post $3.24 earnings per share for the current year.
The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 1st. This represents a $0.72 annualized dividend and a yield of 1.92%. Avnet’s dividend payout ratio is 17.69%.
A number of equities analysts have commented on the stock. Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $44.00 to $40.00 in a report on Friday, July 14th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Deutsche Bank AG restated a “hold” rating and issued a $39.00 target price (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, ValuEngine lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Avnet currently has a consensus rating of “Hold” and a consensus price target of $42.11.
In related news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the sale, the director now owns 12,191 shares of the company’s stock, valued at $452,286.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James A. Lawrence acquired 408,451 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were purchased at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the transaction, the director now directly owns 416,549 shares of the company’s stock, valued at $15,408,147.51. The disclosure for this purchase can be found here. Corporate insiders own 1.47% of the company’s stock.
Avnet Company Profile
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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