Arizona State Retirement System Reduces Stake in Avnet Inc. (AVT)
Arizona State Retirement System reduced its position in shares of Avnet Inc. (NYSE:AVT) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,765 shares of the company’s stock after selling 500 shares during the period. Arizona State Retirement System’s holdings in Avnet were worth $2,043,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in AVT. World Asset Management Inc raised its position in Avnet by 0.9% in the second quarter. World Asset Management Inc now owns 8,529 shares of the company’s stock worth $346,000 after buying an additional 72 shares during the period. Calvert Investment Management Inc. raised its position in Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock worth $290,000 after buying an additional 107 shares during the period. CIBC Asset Management Inc raised its position in Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock worth $228,000 after buying an additional 108 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in Avnet by 1.4% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,447 shares of the company’s stock worth $382,000 after buying an additional 127 shares during the period. Finally, First Citizens Bank & Trust Co. raised its position in Avnet by 1.7% in the third quarter. First Citizens Bank & Trust Co. now owns 7,496 shares of the company’s stock worth $308,000 after buying an additional 127 shares during the period. Institutional investors own 94.28% of the company’s stock.
Avnet Inc. (NYSE:AVT) remained flat at $46.09 on Tuesday. The company had a trading volume of 703,808 shares. The firm has a market cap of $5.88 billion, a PE ratio of 13.65 and a beta of 1.19. Avnet Inc. has a one year low of $37.10 and a one year high of $46.58. The company has a 50 day moving average price of $43.05 and a 200 day moving average price of $41.45.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, October 27th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.01. Avnet had a net margin of 1.90% and a return on equity of 11.16%. The company had revenue of $6.04 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same period in the previous year, the business earned $1.12 EPS. The company’s revenue was down 13.3% on a year-over-year basis. On average, equities analysts predict that Avnet Inc. will post $3.21 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Tuesday, December 6th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.48%. Avnet’s dividend payout ratio (DPR) is currently 20.12%.
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A number of equities analysts have recently commented on the stock. Brean Capital restated a “hold” rating on shares of Avnet in a research report on Sunday, October 30th. set a $43.00 target price on shares of Avnet and gave the company a “sell” rating in a research note on Tuesday, September 20th. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. Citigroup Inc. raised their target price on shares of Avnet from $31.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, August 11th. Finally, Zacks Investment Research downgraded shares of Avnet from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 31st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Avnet currently has an average rating of “Hold” and a consensus target price of $44.22.
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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