Verition Fund Management LLC Decreases Position in Avnet, Inc. (AVT)
Verition Fund Management LLC lowered its position in shares of Avnet, Inc. (NYSE:AVT) by 32.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,547 shares of the technology company’s stock after selling 10,653 shares during the quarter. Verition Fund Management LLC’s holdings in Avnet were worth $877,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Avnet by 5,261.5% during the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock valued at $554,666,000 after buying an additional 11,895,142 shares in the last quarter. Vanguard Group Inc. boosted its stake in Avnet by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock valued at $531,183,000 after buying an additional 187,314 shares in the last quarter. Pzena Investment Management LLC boosted its stake in Avnet by 39.1% during the second quarter. Pzena Investment Management LLC now owns 7,583,434 shares of the technology company’s stock valued at $294,844,000 after buying an additional 2,133,389 shares in the last quarter. Prudential PLC boosted its stake in Avnet by 33.2% during the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after buying an additional 1,134,700 shares in the last quarter. Finally, State Street Corp boosted its stake in Avnet by 1.8% during the first quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock valued at $207,238,000 after buying an additional 79,662 shares in the last quarter. 97.08% of the stock is owned by institutional investors and hedge funds.
In related news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction on Thursday, August 17th. The stock was 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 directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.65% of the stock is owned by insiders.
Several brokerages recently weighed in on AVT. Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, October 10th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. BidaskClub raised Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Deutsche Bank AG reaffirmed a “hold” rating and set a $39.00 target price (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, Bank of America Corporation cut Avnet from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $39.50.
Avnet, Inc. (NYSE:AVT) traded up 0.12% during trading on Friday, hitting $40.64. The company had a trading volume of 660,727 shares. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of 9.95 and a beta of 1.07. The firm has a 50-day moving average of $38.96 and a 200 day moving average of $39.21. Avnet, Inc. has a 12-month low of $35.67 and a 12-month high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The business 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 firm earned $0.86 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts forecast that Avnet, Inc. will post $3.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.77%. Avnet’s dividend payout ratio (DPR) is presently 17.69%.
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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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