Avnet, Inc. (AVT) Stake Decreased by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky cut its position in shares of Avnet, Inc. (NYSE:AVT) by 7.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,530 shares of the technology company’s stock after selling 2,000 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Avnet were worth $1,031,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in AVT. BlackRock Inc. increased its stake in shares of Avnet by 5,261.5% during the 1st quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock worth $554,666,000 after purchasing an additional 11,895,142 shares during the last quarter. Pzena Investment Management LLC increased its stake 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 during the last quarter. FMR LLC increased its stake in shares of Avnet by 102.0% during the 2nd quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock worth $148,007,000 after purchasing an additional 1,922,592 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Avnet by 160.0% during the 2nd quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock worth $86,166,000 after purchasing an additional 1,363,770 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its stake in shares of Avnet by 45.8% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock worth $121,589,000 after purchasing an additional 982,158 shares during the last quarter. Institutional investors own 97.08% of the company’s stock.
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In other news, Director J Veronica Biggins sold 10,600 shares of Avnet 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 completion of the transaction, the director now owns 12,191 shares in the company, valued at $452,286.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.65% of the stock is owned by company insiders.
Avnet, Inc. (NYSE:AVT) opened at 40.65 on Wednesday. The company has a 50-day moving average of $38.58 and a 200-day moving average of $39.25. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 9.95 and a beta of 1.07. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $51.50.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter last year, the company posted $0.86 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. Equities research analysts forecast that Avnet, Inc. will post $3.27 earnings per share for the current fiscal year.
The firm 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 1.77%. Avnet’s payout ratio is 17.69%.
Several research analysts have recently weighed in on AVT shares. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. Deutsche Bank AG restated a “hold” rating and set a $39.00 price objective (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, ValuEngine upgraded shares of 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, four have assigned a hold rating and two have assigned a buy rating to the company. Avnet presently has a consensus rating of “Hold” and an average price target of $39.50.
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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