Atlantic Investment Management Inc. raised its stake in Avnet, Inc. (NYSE:AVT) by 19.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 188,000 shares of the technology company’s stock after purchasing an additional 30,000 shares during the quarter. Avnet accounts for 0.9% of Atlantic Investment Management Inc.’s portfolio, making the stock its 8th biggest position. Atlantic Investment Management Inc. owned 0.16% of Avnet worth $7,388,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Pacad Investment Ltd. bought a new stake in Avnet in the second quarter valued at approximately $113,000. Daiwa Securities Group Inc. lifted its position 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 purchasing an additional 700 shares during the last quarter. Riverhead Capital Management LLC lifted its position 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 purchasing an additional 1,559 shares during the last quarter. Toronto Dominion Bank lifted its position in Avnet by 233.3% in the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after purchasing an additional 3,695 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Avnet in the second quarter valued at approximately $208,000. Hedge funds and other institutional investors own 94.89% of the company’s stock.
Several analysts have weighed in on the company. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Deutsche Bank reiterated a “hold” rating and issued a $39.00 price objective (down previously from $40.00) on shares of Avnet in a research report on Thursday, August 10th. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Cross Research upgraded Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Finally, Citigroup upped their target price on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a report on Friday, October 27th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Avnet has a consensus rating of “Hold” and an average price target of $40.29.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. research analysts expect that Avnet, Inc. will post 3.36 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, December 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.84%. Avnet’s dividend payout ratio is presently 17.96%.
Avnet declared that its Board of Directors has approved a share repurchase plan on Friday, November 10th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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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