DNB Asset Management AS Has $467,000 Holdings in Avnet (AVT)
DNB Asset Management AS trimmed its holdings in shares of Avnet (NYSE:AVT) by 84.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,423 shares of the technology company’s stock after selling 57,800 shares during the quarter. DNB Asset Management AS’s holdings in Avnet were worth $467,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. Janus Henderson Group PLC increased its position in Avnet by 42.1% during the second quarter. Janus Henderson Group PLC now owns 2,987,471 shares of the technology company’s stock worth $128,133,000 after buying an additional 885,004 shares during the last quarter. FMR LLC grew its position in shares of Avnet by 9.6% in the second quarter. FMR LLC now owns 2,897,287 shares of the technology company’s stock valued at $124,265,000 after purchasing an additional 254,220 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its position in shares of Avnet by 0.3% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,693,465 shares of the technology company’s stock valued at $72,633,000 after purchasing an additional 4,344 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Avnet by 6.0% in the second quarter. Wells Fargo & Company MN now owns 876,035 shares of the technology company’s stock valued at $37,573,000 after purchasing an additional 49,803 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Avnet by 4.4% in the second quarter. First Trust Advisors LP now owns 869,574 shares of the technology company’s stock valued at $37,296,000 after purchasing an additional 36,448 shares during the last quarter. 96.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:AVT opened at $41.03 on Friday. The stock has a market capitalization of $4.63 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.08 and a beta of 0.99. Avnet has a 52-week low of $38.12 and a 52-week high of $49.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.58 and a current ratio of 2.75.
Avnet announced that its board has authorized a stock buyback plan on Wednesday, August 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Friday, September 7th. This is a boost from Avnet’s previous quarterly dividend of $0.19. Avnet’s dividend payout ratio (DPR) is presently 24.69%.
In related news, insider Maryann G. Miller sold 15,024 shares of the stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.65% of the stock is currently owned by company insiders.
Several equities research analysts have recently issued reports on the company. Pivotal Research reaffirmed a “buy” rating and issued a $50.00 price target on shares of Avnet in a research report on Friday, June 22nd. TheStreet raised Avnet from a “c+” rating to a “b” rating in a research report on Thursday, August 9th. Bank of America raised Avnet from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $55.00 in a research report on Friday, August 10th. Wells Fargo & Co assumed coverage on Avnet in a research report on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 price target on the stock. Finally, Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $45.14.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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