Avnet, Inc. (AVT) Shares Sold by Bank of Hawaii
Bank of Hawaii lowered its position in shares of Avnet, Inc. (NYSE:AVT) by 7.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,715 shares of the technology company’s stock after selling 1,230 shares during the quarter. Bank of Hawaii’s holdings in Avnet were worth $572,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. boosted its position in Avnet by 5,261.5% during the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock valued at $554,666,000 after acquiring an additional 11,895,142 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Avnet by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock worth $531,183,000 after purchasing an additional 187,314 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Avnet by 39.1% during the 2nd quarter. Pzena Investment Management LLC now owns 7,583,434 shares of the technology company’s stock worth $294,844,000 after purchasing an additional 2,133,389 shares in the last quarter. State Street Corp boosted its position in shares of Avnet by 1.8% during the 1st quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock worth $207,238,000 after purchasing an additional 79,662 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Avnet by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,335,714 shares of the technology company’s stock worth $198,398,000 after purchasing an additional 26,894 shares in the last quarter. 96.22% of the stock is currently owned by institutional investors and hedge funds.
Shares of Avnet, Inc. (NYSE AVT) traded down 0.1154% during trading on Thursday, reaching $39.5543. 16,838 shares of the company traded hands. The stock has a market capitalization of $4.87 billion, a P/E ratio of 9.6804 and a beta of 1.03. The firm’s 50 day moving average is $37.60 and its 200-day moving average is $39.85. Avnet, Inc. has a 12-month low of $35.67 and a 12-month high of $51.50.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.07. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.86 earnings per share. On average, equities research analysts anticipate that Avnet, Inc. will post $3.26 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.82%. Avnet’s dividend payout ratio is presently 17.69%.
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A number of equities analysts have recently issued reports on AVT shares. Bank of America Corporation cut shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. BidaskClub raised shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Deutsche Bank AG reissued a “hold” rating and set a $39.00 price objective (down previously from $40.00) on shares of Avnet in a research report on Thursday, August 10th. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $41.71.
In other news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the transaction, the director now owns 12,191 shares in the company, valued at $452,286.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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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