Avnet, Inc. (AVT) Shares Bought by Fmr LLC
Fmr LLC boosted its position in shares of Avnet, Inc. (NYSE:AVT) by 102.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,806,767 shares of the technology company’s stock after acquiring an additional 1,922,592 shares during the quarter. Fmr LLC owned 3.05% of Avnet worth $148,007,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. UBS Asset Management Americas Inc. boosted its stake in shares of Avnet by 5.0% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 809,677 shares of the technology company’s stock valued at $31,480,000 after buying an additional 38,663 shares during the period. Mutual of America Capital Management LLC boosted its stake in shares of Avnet by 0.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 131,431 shares of the technology company’s stock valued at $5,110,000 after buying an additional 605 shares during the period. BRYN MAWR TRUST Co boosted its stake in shares of Avnet by 2.3% in the 2nd quarter. BRYN MAWR TRUST Co now owns 70,733 shares of the technology company’s stock valued at $2,751,000 after buying an additional 1,570 shares during the period. Laurion Capital Management LP purchased a new position in shares of Avnet in the 2nd quarter valued at about $3,440,000. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Avnet by 14.4% in the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,578,984 shares of the technology company’s stock valued at $61,391,000 after buying an additional 198,900 shares during the period. Institutional investors own 96.22% of the company’s stock.
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Several equities analysts have recently issued reports 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 cut Avnet from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Deutsche Bank AG reiterated a “hold” rating and issued a $39.00 price objective (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $38.40.
In related news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the transaction, the director now owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.65% of the company’s stock.
Avnet, Inc. (NYSE AVT) opened at 40.65 on Friday. The stock has a 50 day moving average price of $38.21 and a 200 day moving average price of $39.41. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $51.50. The stock has a market cap of $5.00 billion, a PE ratio of 9.95 and a beta of 1.07.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. Avnet’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.86 earnings per share. On average, equities analysts predict that Avnet, Inc. will post $3.26 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Friday, September 1st. Avnet’s dividend payout ratio is currently 17.69%.
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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