Vanguard Group Inc. Decreases Stake in Avnet, Inc. (AVT)
Vanguard Group Inc. decreased its position in Avnet, Inc. (NYSE:AVT) by 4.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,090,454 shares of the technology company’s stock after selling 517,557 shares during the quarter. Vanguard Group Inc. owned about 8.87% of Avnet worth $431,198,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Avnet by 1.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,313 shares of the technology company’s stock valued at $14,514,000 after purchasing an additional 4,083 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of Avnet in the second quarter valued at approximately $4,773,000. Cipher Capital LP grew its position in shares of Avnet by 68.9% in the second quarter. Cipher Capital LP now owns 33,226 shares of the technology company’s stock valued at $1,292,000 after purchasing an additional 13,552 shares during the last quarter. Brandes Investment Partners LP grew its position in shares of Avnet by 9.3% in the second quarter. Brandes Investment Partners LP now owns 563,629 shares of the technology company’s stock valued at $21,914,000 after purchasing an additional 48,027 shares during the last quarter. Finally, Caxton Associates LP acquired a new position in shares of Avnet in the first quarter valued at approximately $563,000. 96.22% of the stock is currently owned by institutional investors.
Shares of Avnet, Inc. (AVT) opened at 40.31 on Thursday. The firm has a market cap of $4.96 billion, a P/E ratio of 9.87 and a beta of 1.07. Avnet, Inc. has a 12 month low of $35.67 and a 12 month high of $51.50. The company’s 50-day moving average price is $38.12 and its 200-day moving average price is $39.40.
Avnet (NYSE:AVT) last released its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 EPS. On average, analysts predict that Avnet, Inc. will post $3.26 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th were given a dividend of $0.18 per share. The ex-dividend date was Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.79%. Avnet’s dividend payout ratio (DPR) is currently 17.69%.
In other news, Director J Veronica Biggins sold 10,600 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 12,191 shares in the company, valued at approximately $452,286.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.65% of the stock is owned by insiders.
Several research firms have recently commented on AVT. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. BidaskClub raised Avnet from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $39.00 target price (down previously from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. Finally, Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $38.40.
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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