Commonwealth Bank of Australia Raises Stake in Avnet, Inc. (AVT)
Commonwealth Bank of Australia increased its position in Avnet, Inc. (NYSE:AVT) by 22.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,186 shares of the technology company’s stock after buying an additional 9,600 shares during the period. Commonwealth Bank of Australia’s holdings in Avnet were worth $2,028,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of AVT. Weaver C. Barksdale & Associates Inc. grew its stake in shares of Avnet by 11.2% in the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after buying an additional 262 shares during the period. Pacad Investment Ltd. acquired a new stake in shares of Avnet in the 2nd quarter valued at about $113,000. Daiwa Securities Group Inc. grew its stake in shares of Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the period. BB&T Securities LLC acquired a new stake in shares of Avnet in the 2nd quarter valued at about $218,000. Finally, Anchor Capital Advisors LLC grew its stake in shares of Avnet by 8.4% in the 1st quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock valued at $219,000 after buying an additional 370 shares during the period. Institutional investors own 97.14% of the company’s stock.
Avnet, Inc. (NYSE:AVT) opened at 38.07 on Wednesday. The firm’s 50-day moving average price is $37.64 and its 200-day moving average price is $40.19. Avnet, Inc. has a 1-year low of $35.67 and a 1-year high of $51.50. The firm has a market cap of $4.69 billion, a P/E ratio of 9.32 and a beta of 1.03.
Avnet (NYSE:AVT) last announced its quarterly earnings data 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 business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.86 earnings per share. Equities research analysts anticipate that Avnet, Inc. will post $3.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date is Friday, September 1st. Avnet’s dividend payout ratio (DPR) is presently 17.69%.
Several analysts have recently commented on AVT shares. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $44.00 to $40.00 in a research note on Friday, July 14th. ValuEngine downgraded Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Deutsche Bank AG restated a “hold” rating and issued a $39.00 target price (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $42.11.
In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the company’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 sale, the director now owns 12,191 shares in the company, valued at $452,286.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.47% of the stock is currently owned by corporate insiders.
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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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