Magnetar Financial LLC bought a new stake in Avnet, Inc. (NYSE:AVT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,551 shares of the technology company’s stock, valued at approximately $218,000.

Several other hedge funds also recently bought and sold shares of the company. Pzena Investment Management LLC lifted its holdings in shares of Avnet by 7.5% in the third quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock valued at $320,453,000 after purchasing an additional 570,577 shares in the last quarter. Prudential PLC increased its position in shares of Avnet by 33.2% during the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after acquiring an additional 1,134,700 shares during the last quarter. FMR LLC increased its position in shares of Avnet by 102.0% during the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after acquiring an additional 1,922,592 shares during the last quarter. Thompson Siegel & Walmsley LLC increased its position in shares of Avnet by 45.8% during the second quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock valued at $121,589,000 after acquiring an additional 982,158 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Avnet by 160.0% during the second quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock valued at $86,166,000 after acquiring an additional 1,363,770 shares during the last quarter. Institutional investors own 96.03% of the company’s stock.

Shares of Avnet, Inc. (AVT) opened at $39.06 on Friday. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $49.19. The company has a market capitalization of $4,723.41, a P/E ratio of 12.02, a P/E/G ratio of 1.28 and a beta of 1.09.

Avnet (NYSE:AVT) last released its earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the business posted $0.91 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. research analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current fiscal year.

Avnet announced that its board has initiated a share buyback program on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, December 5th. Avnet’s dividend payout ratio is currently 17.96%.

In other news, CEO Amelio J. William bought 3,000 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was acquired at an average cost of $39.16 per share, with a total value of $117,480.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.65% of the company’s stock.

A number of brokerages recently commented on AVT. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. 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 research report on Friday, October 27th. Citigroup increased their price target on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research report on Friday, October 27th. Finally, Stifel Nicolaus increased their price target on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $40.29.

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Avnet 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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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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