Avnet Inc. to Issue Quarterly Dividend of $0.17 (AVT)
Avnet Inc. (NYSE:AVT) declared a quarterly dividend on Friday, November 11th. Shareholders of record on Tuesday, December 6th will be paid a dividend of 0.17 per share on Monday, December 19th. This represents a $0.68 dividend on an annualized basis and a yield of 1.56%.
Avnet (NYSE:AVT) opened at 43.52 on Friday. The firm’s 50-day moving average is $41.78 and its 200-day moving average is $41.09. Avnet has a 52 week low of $37.10 and a 52 week high of $46.16. The company has a market cap of $5.55 billion, a PE ratio of 12.89 and a beta of 1.19.
Avnet (NYSE:AVT) last issued its earnings results on Thursday, October 27th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.01. The company had revenue of $6.04 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Avnet had a net margin of 1.90% and a return on equity of 11.16%. Avnet’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 EPS. On average, analysts expect that Avnet will post $3.42 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Avnet by 3.5% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,210 shares of the company’s stock worth $859,000 after buying an additional 720 shares during the last quarter. Sei Investments Co. raised its position in shares of Avnet by 22.7% in the second quarter. Sei Investments Co. now owns 78,227 shares of the company’s stock worth $3,169,000 after buying an additional 14,487 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Avnet during the second quarter worth about $272,000. Comerica Bank raised its position in shares of Avnet by 0.6% in the second quarter. Comerica Bank now owns 92,109 shares of the company’s stock worth $3,821,000 after buying an additional 589 shares during the last quarter. Finally, AXA raised its position in shares of Avnet by 1.6% in the second quarter. AXA now owns 278,560 shares of the company’s stock worth $11,285,000 after buying an additional 4,260 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.
A number of brokerages have recently issued reports on AVT. Zacks Investment Research cut shares of Avnet from a “strong-buy” rating to a “hold” rating in a report on Monday, October 31st. Brean Capital reaffirmed a “hold” rating on shares of Avnet in a report on Sunday, October 30th. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, October 21st. They noted that the move was a valuation call. Raymond James Financial Inc. raised shares of Avnet from an “outperform” rating to a “strong-buy” rating and set a $52.00 target price on the stock in a report on Tuesday, October 4th. Finally, Citigroup Inc. dropped their target price on shares of Avnet from $37.00 to $35.00 and set a “sell” rating on the stock in a report on Thursday, September 22nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Avnet presently has an average rating of “Hold” and a consensus target price of $44.22.
Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The Company operates through two segments: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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