Great West Life Assurance Co. Can cut its stake in shares of Avnet, Inc. (NYSE:AVT) by 1.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 177,944 shares of the technology company’s stock after selling 2,729 shares during the period. Great West Life Assurance Co. Can owned about 0.15% of Avnet worth $7,029,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Pzena Investment Management LLC grew its position in Avnet by 7.5% in the third quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock worth $320,453,000 after acquiring an additional 570,577 shares in the last quarter. Prudential PLC grew its position in Avnet by 33.2% in the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock worth $177,184,000 after acquiring an additional 1,134,700 shares in the last quarter. FMR LLC grew its position in Avnet by 102.0% in the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock worth $148,007,000 after acquiring an additional 1,922,592 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its position in Avnet by 45.8% in the second quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock worth $121,589,000 after acquiring an additional 982,158 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Avnet by 160.0% in the second quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock worth $86,166,000 after acquiring an additional 1,363,770 shares in the last quarter. 94.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Avnet, Inc. (AVT) opened at $39.81 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.78 and a quick ratio of 1.63. Avnet, Inc. has a one year low of $35.67 and a one year high of $51.50. The firm has a market cap of $4,878.21, a price-to-earnings ratio of 12.41, a PEG ratio of 1.32 and a beta of 1.09.
Avnet announced that its Board of Directors has authorized 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Tuesday, December 5th. Avnet’s payout ratio is 17.96%.
AVT has been the subject of several recent research reports. TheStreet downgraded shares of Avnet from a “b” rating to a “c” rating in a research report on Thursday, October 26th. Citigroup boosted their target price on shares of Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research report on Friday, October 27th. Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. BidaskClub raised shares of Avnet from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, October 10th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $40.29.
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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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