Diamond Hill Capital Management Inc. Invests $25.10 Million in Avnet, Inc. (AVT)

Diamond Hill Capital Management Inc. purchased a new stake in shares of Avnet, Inc. (NYSE:AVT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 645,615 shares of the technology company’s stock, valued at approximately $25,102,000. Diamond Hill Capital Management Inc. owned about 0.52% of Avnet at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Weaver C. Barksdale & Associates Inc. raised its position in shares of Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after buying an additional 262 shares during the period. CHICAGO TRUST Co NA acquired a new position in shares of Avnet during the first quarter valued at about $215,000. Smith Salley & Associates acquired a new position in shares of Avnet during the first quarter valued at about $216,000. Anchor Capital Advisors LLC raised its position in shares of Avnet by 8.4% in the first quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock valued at $219,000 after buying an additional 370 shares during the period. Finally, Bellwether Investment Group LLC raised its position in shares of Avnet by 16.1% in the first quarter. Bellwether Investment Group LLC now owns 5,310 shares of the technology company’s stock valued at $243,000 after buying an additional 735 shares during the period. 97.67% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Avnet, Inc. (NYSE:AVT) opened at 35.95 on Friday. Avnet, Inc. has a one year low of $35.95 and a one year high of $51.50. The company has a market cap of $4.47 billion, a P/E ratio of 8.80 and a beta of 1.04. The company’s 50-day moving average price is $38.53 and its 200 day moving average price is $41.29.

Avnet (NYSE:AVT) last released its earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. On average, equities research analysts anticipate that Avnet, Inc. will post $3.24 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, September 1st. Avnet’s payout ratio is presently 17.69%.

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Several equities analysts have issued reports on the company. BidaskClub lowered Avnet from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Deutsche Bank AG reissued a “hold” rating and issued a $39.00 price target (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Longbow Research lowered Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Finally, ValuEngine lowered Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $42.11.

In other Avnet news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James A. Lawrence acquired 408,451 shares of the stock in a transaction on Friday, June 2nd. The shares were bought at an average price of $36.99 per share, with a total value of $15,108,602.49. Following the purchase, the director now directly owns 416,549 shares of the company’s stock, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. Company insiders own 1.47% of the company’s stock.

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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