Asset Management One Co. Ltd. increased its holdings in Avnet, Inc. (NYSE:AVT) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 203,988 shares of the technology company’s stock after purchasing an additional 2,000 shares during the period. Asset Management One Co. Ltd. owned 0.17% of Avnet worth $8,020,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVT. Pacad Investment Ltd. purchased a new position in Avnet in the 2nd quarter worth approximately $113,000. Daiwa Securities Group Inc. lifted its holdings in Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock worth $152,000 after purchasing an additional 700 shares in the last quarter. Riverhead Capital Management LLC increased its stake in Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after acquiring an additional 1,559 shares during the last quarter. Toronto Dominion Bank increased its stake in Avnet by 233.3% in the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after acquiring an additional 3,695 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Avnet in the 2nd quarter worth approximately $208,000. 96.03% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on the company. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. TheStreet raised Avnet from a “c” rating to a “b-” rating in a research note on Friday, November 10th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Citigroup lifted their price objective on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Finally, Stifel Nicolaus lifted their price objective on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $40.29.
Avnet (NYSE:AVT) last released its earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The firm had revenue of $4.66 billion for 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 company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. analysts forecast that Avnet, Inc. will post 3.36 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Tuesday, December 5th. Avnet’s dividend payout ratio is currently 17.96%.
Avnet declared that its board has authorized a stock buyback plan on Friday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In related news, CEO Amelio J. William bought 3,000 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were purchased at an average price of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.65% of the company’s stock.
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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