BlueMountain Capital Management LLC raised its position in Avnet, Inc. (NYSE:AVT) by 140.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,838 shares of the technology company’s stock after acquiring an additional 20,926 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Avnet were worth $1,393,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Weaver C. Barksdale & Associates Inc. lifted its stake in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after acquiring an additional 262 shares during the last quarter. Pacad Investment Ltd. acquired a new stake in Avnet in the second quarter valued at $113,000. Daiwa Securities Group Inc. lifted its stake in Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after acquiring an additional 700 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after acquiring an additional 1,559 shares during the last quarter. Finally, BB&T Securities LLC acquired a new stake in Avnet in the second quarter valued at $218,000. Hedge funds and other institutional investors own 96.22% of the company’s stock.
Avnet, Inc. (NYSE AVT) opened at 38.79 on Wednesday. The stock has a 50 day moving average of $37.60 and a 200 day moving average of $39.85. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 9.49 and a beta of 1.03. Avnet, Inc. has a 12 month low of $35.67 and a 12 month high of $51.50.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS. Equities analysts anticipate that Avnet, Inc. will post $3.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend was Friday, September 1st. Avnet’s dividend payout ratio (DPR) is currently 17.69%.
In related news, Director J Veronica Biggins sold 10,600 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.47% of the stock is currently owned by insiders.
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A number of analysts have commented on AVT shares. Bank of America Corporation cut shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. BidaskClub upgraded shares of Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $39.00 price target (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $42.11.
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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