Commerce Bank purchased a new stake in shares of Avnet, Inc. (NYSE:AVT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 6,245 shares of the technology company’s stock, valued at approximately $245,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVT. Pzena Investment Management LLC lifted 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 valued at $294,844,000 after buying an additional 2,133,389 shares during the last quarter. FMR LLC lifted its position 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 valued at $148,007,000 after buying an additional 1,922,592 shares during the last quarter. Wells Fargo & Company MN lifted its position 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 valued at $86,166,000 after buying an additional 1,363,770 shares during the last quarter. Prudential PLC lifted its position in shares of Avnet by 33.2% during the 2nd quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after buying an additional 1,134,700 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its position 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 valued at $121,589,000 after buying an additional 982,158 shares during the last quarter. 92.32% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Avnet, Inc. (NYSE:AVT) opened at $40.40 on Wednesday. Avnet, Inc. has a 1-year low of $35.67 and a 1-year high of $51.50. The firm has a market capitalization of $4,845.56, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.31 and a beta of 1.08. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29.

Avnet (NYSE:AVT) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The firm had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm posted $0.91 EPS. The company’s revenue was up 13.2% compared to the same quarter last year. equities research analysts forecast that Avnet, Inc. will post 3.36 earnings per share for the current year.

Avnet announced that its board has authorized a stock repurchase plan on Friday, November 10th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 1.78%. Avnet’s payout ratio is currently 17.96%.

A number of brokerages have recently commented on AVT. TheStreet raised Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Citigroup Inc. increased their price objective on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a report on Friday, October 27th. Stifel Nicolaus increased their price objective on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Finally, Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, October 10th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Avnet presently has a consensus rating of “Hold” and an average price target of $40.29.

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About Avnet

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.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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