JPMorgan Chase & Co. Reduces Position in Avnet Inc. (AVT)
JPMorgan Chase & Co. lowered its position in shares of Avnet Inc. (NYSE:AVT) by 19.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 598,841 shares of the company’s stock after selling 145,385 shares during the period. JPMorgan Chase & Co. owned approximately 0.47% of Avnet worth $24,260,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. BlackRock Institutional Trust Company N.A. boosted its stake in Avnet by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,508,667 shares of the company’s stock worth $199,734,000 after buying an additional 235,891 shares during the period. Pzena Investment Management LLC boosted its stake in Avnet by 0.8% in the second quarter. Pzena Investment Management LLC now owns 4,335,912 shares of the company’s stock worth $175,648,000 after buying an additional 35,119 shares during the period. Goldman Sachs Group Inc. boosted its stake in Avnet by 11.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,627,554 shares of the company’s stock worth $72,101,000 after buying an additional 167,608 shares during the period. LSV Asset Management boosted its stake in Avnet by 8.6% in the second quarter. LSV Asset Management now owns 1,499,643 shares of the company’s stock worth $60,750,000 after buying an additional 118,971 shares during the period. Finally, Thompson Siegel & Walmsley LLC boosted its stake in Avnet by 87.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,417,344 shares of the company’s stock worth $57,417,000 after buying an additional 659,589 shares during the period. Institutional investors own 94.67% of the company’s stock.
Avnet Inc. (NYSE:AVT) traded down 1.651% during mid-day trading on Friday, hitting $40.795. The company had a trading volume of 437,514 shares. The firm has a market capitalization of $5.20 billion, a P/E ratio of 10.736 and a beta of 1.16. The company has a 50-day moving average price of $41.10 and a 200 day moving average price of $41.57. Avnet Inc. has a 12 month low of $37.10 and a 12 month high of $46.95.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The firm had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the prior year, the firm posted $1.16 EPS. The business’s revenue was down 8.4% compared to the same quarter last year. Equities analysts forecast that Avnet Inc. will post $4.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, September 7th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.64%. Avnet’s dividend payout ratio is currently 17.85%.
A number of analysts recently commented on AVT shares. Credit Agricole SA set a $43.00 price objective on Avnet and gave the company a “sell” rating in a research report on Tuesday. Citigroup Inc. upped their price target on Avnet from $31.00 to $37.00 and gave the stock a “sell” rating in a research report on Thursday, August 11th. Goldman Sachs Group Inc. upgraded Avnet from a “sell” rating to a “neutral” rating and upped their price target for the stock from $39.00 to $41.00 in a research report on Tuesday, June 7th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Finally, Brean Capital restated a “hold” rating on shares of Avnet in a research report on Thursday, August 11th. Three analysts have rated the stock with a sell rating, seven have given 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 $42.88.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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