Nordea Investment Management AB Raises Position in Avnet, Inc. (AVT)
Nordea Investment Management AB increased its stake in shares of Avnet, Inc. (NYSE:AVT) by 24.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 170,903 shares of the technology company’s stock after buying an additional 34,100 shares during the period. Nordea Investment Management AB owned 0.14% of Avnet worth $6,645,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Engineers Gate Manager LP acquired a new position in Avnet during the 2nd quarter worth about $4,773,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Avnet by 1.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,313 shares of the technology company’s stock worth $14,514,000 after buying an additional 4,083 shares in the last quarter. Cipher Capital LP lifted its position in Avnet by 68.9% during the 2nd quarter. Cipher Capital LP now owns 33,226 shares of the technology company’s stock worth $1,292,000 after buying an additional 13,552 shares in the last quarter. Caxton Associates LP acquired a new position in Avnet during the 1st quarter worth about $563,000. Finally, Capstone Asset Management Co. lifted its position in Avnet by 5.0% during the 2nd quarter. Capstone Asset Management Co. now owns 18,216 shares of the technology company’s stock worth $708,000 after buying an additional 866 shares in the last quarter. Institutional investors and hedge funds own 96.22% of the company’s stock.
Shares of Avnet, Inc. (NYSE AVT) opened at 39.60 on Thursday. The firm has a market capitalization of $4.87 billion, a P/E ratio of 9.69 and a beta of 1.03. Avnet, Inc. has a 12 month low of $35.67 and a 12 month high of $51.50. The company has a 50 day moving average of $37.60 and a 200-day moving average of $39.85.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 earnings per share. Analysts predict that Avnet, Inc. will post $3.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Friday, September 1st. Avnet’s dividend payout ratio is currently 17.69%.
In related news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.47% of the stock is owned by insiders.
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Several research analysts recently issued reports on the stock. Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research report on Tuesday. BidaskClub downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Deutsche Bank AG restated a “hold” rating and set a $39.00 target price (down from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $41.71.
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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