Avnet, Inc. (NYSE:AVT) Position Boosted by NGAM Advisors L.P.

NGAM Advisors L.P. boosted its stake in shares of Avnet, Inc. (NYSE:AVT) by 28.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,053 shares of the technology company’s stock after buying an additional 23,524 shares during the period. NGAM Advisors L.P. owned about 0.08% of Avnet worth $4,084,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in Avnet by 32.4% in the first quarter. Bank of Montreal Can now owns 689,940 shares of the technology company’s stock valued at $31,571,000 after buying an additional 168,709 shares during the last quarter. Bank of Hawaii raised its stake in Avnet by 1.5% in the first quarter. Bank of Hawaii now owns 15,945 shares of the technology company’s stock valued at $730,000 after buying an additional 229 shares during the last quarter. Macquarie Group Ltd. raised its stake in Avnet by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 402,706 shares of the technology company’s stock valued at $19,172,000 after buying an additional 15,450 shares during the last quarter. Bellwether Investment Group LLC raised its stake in 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 last quarter. Finally, Caxton Associates LP purchased a new stake in Avnet during the first quarter valued at approximately $563,000. 97.67% of the stock is currently owned by hedge funds and other institutional investors.

Avnet, Inc. (NYSE AVT) traded down 2.34% during trading on Friday, hitting $35.95. 1,233,608 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $38.53 and its 200 day moving average price is $41.29. The stock has a market cap of $4.42 billion, a P/E ratio of 8.80 and a beta of 1.04. Avnet, Inc. has a 12-month low of $35.95 and a 12-month high of $51.50.

Avnet (NYSE:AVT) last posted its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. Avnet’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. Analysts anticipate that Avnet, Inc. will post $3.24 earnings per share for the current fiscal year.

The firm 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 dividend payout ratio is presently 17.69%.

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Several analysts have recently commented on AVT shares. Longbow Research lowered shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Deutsche Bank AG reaffirmed a “hold” rating and set a $40.00 price target (down previously from $47.00) on shares of Avnet in a research report on Saturday, April 29th. BidaskClub upgraded shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $44.00 to $40.00 in a report on Friday, July 14th. Finally, SunTrust Banks, Inc. downgraded shares of Avnet from a “buy” rating to a “hold” rating and dropped their target price for the company from $53.00 to $39.00 in a report on Friday, April 28th. Six 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 stock. Avnet presently has a consensus rating of “Hold” and an average price target of $42.11.

In other news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the transaction, the director now owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James A. Lawrence bought 408,451 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was acquired at an average cost of $36.99 per share, for a total transaction of $15,108,602.49. Following the purchase, the director now owns 416,549 shares in the company, 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.

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.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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