Dai Ichi Life Insurance Company Ltd Continues to Hold Holdings in Avnet, Inc. (AVT)
Dai Ichi Life Insurance Company Ltd held its stake in shares of Avnet, Inc. (NYSE:AVT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,398 shares of the technology company’s stock at the close of the second quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Avnet were worth $288,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Weaver C. Barksdale & Associates Inc. lifted its position in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after purchasing an additional 262 shares during the period. Pacad Investment Ltd. acquired a new stake in Avnet in the second quarter worth 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 worth $152,000 after purchasing an additional 700 shares during the period. Anchor Capital Advisors LLC lifted its position in Avnet by 8.4% in the first quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock worth $219,000 after purchasing an additional 370 shares during the period. Finally, Bellwether Investment Group LLC lifted its position in Avnet by 16.1% in the first quarter. Bellwether Investment Group LLC now owns 5,310 shares of the technology company’s stock worth $243,000 after purchasing an additional 735 shares during the period. Institutional investors and hedge funds own 96.22% of the company’s stock.
Shares of Avnet, Inc. (AVT) opened at 38.76 on Monday. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $51.50. The firm’s 50-day moving average is $37.57 and its 200 day moving average is $40.05. The firm has a market capitalization of $4.77 billion, a P/E ratio of 9.49 and a beta of 1.03.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. The company 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 quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $0.86 earnings per share. Equities research analysts forecast that Avnet, Inc. will post $3.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th were given a dividend of $0.18 per share. The ex-dividend date was Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.86%. Avnet’s dividend payout ratio is 17.69%.
A number of research firms have weighed in on AVT. BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. 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 report on Thursday, August 10th. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, ValuEngine downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $42.11.
In other news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.47% of the company’s stock.
Avnet Company Profile
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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