Mitsubishi UFJ Trust & Banking Corp trimmed its position in Avnet, Inc. (NYSE:AVT) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 266,248 shares of the technology company’s stock after selling 5,005 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.22% of Avnet worth $10,464,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Pacad Investment Ltd. purchased a new stake in Avnet in the second quarter worth $113,000. Daiwa Securities Group Inc. grew 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 worth $152,000 after purchasing an additional 700 shares during the period. Riverhead Capital Management LLC boosted its holdings in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after acquiring an additional 1,559 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Avnet by 233.3% in the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after acquiring an additional 3,695 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in Avnet in the second quarter worth $208,000. 95.95% of the stock is currently owned by institutional investors.
AVT has been the topic of several analyst reports. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, October 10th. Stifel Nicolaus boosted their target price on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, Cross Research raised Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $40.29.
Shares of Avnet, Inc. (AVT) traded up $0.37 during trading hours on Tuesday, hitting $39.99. The stock had a trading volume of 873,117 shares, compared to its average volume of 788,950. The company has a market capitalization of $4,791.14, a P/E ratio of 9.97, a P/E/G ratio of 1.30 and a beta of 1.09. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78. Avnet, Inc. has a 1 year low of $35.67 and a 1 year high of $48.20.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The company’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. sell-side analysts expect that Avnet, Inc. will post 3.36 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Tuesday, December 5th. Avnet’s payout ratio is currently 17.96%.
Avnet declared that its Board of Directors has initiated a share repurchase plan on Friday, November 10th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other Avnet news, CEO Amelio J. William purchased 3,000 shares of the stock in a transaction dated Friday, December 8th. The shares were purchased at an average cost of $39.16 per share, with a total value of $117,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.65% of the company’s stock.
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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