GSA Capital Partners LLP boosted its holdings in Avnet (NYSE:AVT) by 87.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 59,058 shares of the technology company’s stock after buying an additional 27,478 shares during the period. GSA Capital Partners LLP owned approximately 0.05% of Avnet worth $2,644,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVT. CIBC World Markets Inc. purchased a new position in Avnet in the second quarter valued at approximately $201,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Avnet in the third quarter valued at approximately $206,000. CHICAGO TRUST Co NA purchased a new position in Avnet in the third quarter valued at approximately $207,000. Jane Street Group LLC purchased a new position in Avnet in the second quarter valued at approximately $210,000. Finally, Fosun International Ltd purchased a new position in Avnet in the third quarter valued at approximately $223,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.
AVT opened at $43.82 on Friday. Avnet has a 52-week low of $37.11 and a 52-week high of $49.40.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Wednesday, December 5th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%.
Avnet announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Several research analysts recently commented on the stock. Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $55.00 in a report on Friday, August 10th. TheStreet upgraded shares of Avnet from a “c+” rating to a “b” rating in a report on Thursday, August 9th. Citigroup raised their price target on shares of Avnet from $37.00 to $39.00 and gave the company a “sell” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.67.
In related news, insider Maryann G. Miller sold 15,024 shares of Avnet stock in a transaction on Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.65% of the company’s stock.
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Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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