Tredje AP fonden raised its holdings in Avnet, Inc. (NYSE:AVT) by 15.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 55,478 shares of the technology company’s stock after acquiring an additional 7,430 shares during the quarter. Tredje AP fonden’s holdings in Avnet were worth $2,180,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in AVT. Pacad Investment Ltd. purchased a new stake in Avnet in the second quarter valued at about $113,000. Daiwa Securities Group Inc. raised its stake in Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the last quarter. Riverhead Capital Management LLC raised its stake in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after buying an additional 1,559 shares during the last quarter. Toronto Dominion Bank raised its stake in Avnet by 233.3% in the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after buying an additional 3,695 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in Avnet in the second quarter valued at about $208,000. 94.89% of the stock is currently owned by institutional investors.
AVT has been the subject of a number of research analyst reports. Deutsche Bank reiterated 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. BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, October 10th. 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 note on Thursday, October 26th. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. Avnet currently has a consensus rating of “Hold” and an average price target of $40.29.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The company’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. sell-side analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.78%. The ex-dividend date is Tuesday, December 5th. Avnet’s dividend payout ratio (DPR) is 17.96%.
Avnet announced that its board has approved a stock repurchase program on Friday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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