People s United Financial Inc. increased its position in Avnet (NYSE:AVT) by 5.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,433 shares of the technology company’s stock after acquiring an additional 1,615 shares during the period. People s United Financial Inc.’s holdings in Avnet were worth $1,452,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVT. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Avnet during the 3rd quarter valued at $206,000. CHICAGO TRUST Co NA acquired a new stake in Avnet during the 3rd quarter valued at $207,000. CIBC World Markets Inc. purchased a new position in shares of Avnet during the 2nd quarter worth $201,000. Jane Street Group LLC purchased a new position in shares of Avnet during the 2nd quarter worth $210,000. Finally, Fosun International Ltd purchased a new position in shares of Avnet during the 3rd quarter worth $223,000. Institutional investors and hedge funds own 96.44% of the company’s stock.
Shares of Avnet stock opened at $41.99 on Friday. Avnet has a fifty-two week low of $37.11 and a fifty-two week high of $49.40.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Wednesday, December 5th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Tuesday, December 4th.
Avnet declared that its Board of Directors has authorized a stock repurchase program on Wednesday, August 29th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
A number of research analysts have weighed in on the company. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. TheStreet lowered Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Bank of America raised Avnet from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. Finally, Citigroup raised Avnet from a “sell” rating to a “neutral” rating in a research note on Friday, October 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Avnet currently has an average rating of “Hold” and a consensus target price of $45.67.
In related news, insider Maryann G. Miller sold 15,024 shares of the stock in a transaction on Friday, September 14th. The stock was 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 SEC, which can be accessed through the SEC website. Also, insider Philip R. Gallagher sold 24,068 shares of the stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $43.18, for a total value of $1,039,256.24. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.
Avnet Company Profile
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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