Avnet, Inc. (NASDAQ:AVT) Position Reduced by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its position in shares of Avnet, Inc. (NASDAQ:AVTGet Rating) by 30.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 966,434 shares of the company’s stock after selling 414,219 shares during the quarter. Russell Investments Group Ltd. owned 1.06% of Avnet worth $34,902,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in AVT. Vanguard Group Inc. increased its holdings in Avnet by 0.5% in the first quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company’s stock worth $438,893,000 after buying an additional 49,576 shares during the last quarter. Greenhaven Associates Inc. bought a new stake in shares of Avnet in the third quarter valued at approximately $48,490,000. Millennium Management LLC boosted its position in shares of Avnet by 37.6% in the second quarter. Millennium Management LLC now owns 1,071,018 shares of the company’s stock valued at $45,925,000 after acquiring an additional 292,882 shares during the period. AQR Capital Management LLC boosted its position in shares of Avnet by 15.9% in the second quarter. AQR Capital Management LLC now owns 953,558 shares of the company’s stock valued at $39,668,000 after acquiring an additional 130,466 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Avnet by 5.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 925,415 shares of the company’s stock worth $37,563,000 after purchasing an additional 44,685 shares during the period. 97.11% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of AVT stock opened at $44.65 on Wednesday. The stock has a 50-day moving average price of $43.33 and a 200 day moving average price of $41.76. The company has a quick ratio of 1.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.45. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 5.74, a PEG ratio of 0.26 and a beta of 1.33. Avnet, Inc. has a 12 month low of $35.45 and a 12 month high of $50.19.

Avnet (NASDAQ:AVTGet Rating) last posted its earnings results on Wednesday, October 26th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.09. The company had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.36 billion. Avnet had a return on equity of 18.23% and a net margin of 3.00%. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 EPS. Research analysts expect that Avnet, Inc. will post 6.97 EPS for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Tuesday, December 6th. This represents a $1.16 annualized dividend and a dividend yield of 2.60%. Avnet’s payout ratio is currently 14.91%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVT. StockNews.com cut Avnet from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Stifel Nicolaus cut their price objective on Avnet from $48.00 to $42.00 and set a “hold” rating for the company in a report on Monday, October 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $44.86.

Avnet Profile

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Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

See Also

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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