Texas Permanent School Fund Decreases Stake in Avnet, Inc. (AVT)
Texas Permanent School Fund lowered its stake in Avnet, Inc. (NYSE:AVT) by 1.3% during the third quarter, Holdings Channel reports. The institutional investor owned 97,026 shares of the company’s stock after selling 1,239 shares during the period. Texas Permanent School Fund owned about 0.08% of Avnet worth $3,984,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Avnet by 5.7% in the second quarter. Vanguard Group Inc. now owns 11,108,072 shares of the company’s stock valued at $449,988,000 after buying an additional 594,619 shares in the last quarter. Janus Capital Management LLC increased its position in Avnet by 1,497.9% in the second quarter. Janus Capital Management LLC now owns 303,600 shares of the company’s stock valued at $12,299,000 after buying an additional 284,600 shares during the last quarter. Bank of Montreal Can bought a new position in Avnet during the second quarter valued at $4,864,000. BlackRock Fund Advisors increased its position in Avnet by 2.1% in the second quarter. BlackRock Fund Advisors now owns 4,475,376 shares of the company’s stock valued at $181,297,000 after buying an additional 91,041 shares during the last quarter. Finally, Royal Bank of Canada increased its position in Avnet by 67.9% in the second quarter. Royal Bank of Canada now owns 195,090 shares of the company’s stock valued at $7,905,000 after buying an additional 78,873 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Avnet, Inc. (NYSE:AVT) opened at 47.18 on Friday. The stock has a 50 day moving average price of $47.34 and a 200-day moving average price of $42.91. Avnet, Inc. has a 12 month low of $37.10 and a 12 month high of $51.50. The stock has a market cap of $6.02 billion, a P/E ratio of 13.98 and a beta of 1.22.
Avnet (NYSE:AVT) last released its earnings results on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.01. The firm earned $6.04 billion during the quarter, compared to the consensus estimate of $6.10 billion. Avnet had a return on equity of 11.16% and a net margin of 1.90%. The firm’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.12 earnings per share. On average, analysts forecast that Avnet, Inc. will post $3.20 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 19th. Shareholders of record on Tuesday, December 6th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.44%. Avnet’s dividend payout ratio (DPR) is 20.12%.
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AVT has been the subject of several recent research reports. Raymond James Financial, Inc. raised Avnet from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target for the company in a research report on Tuesday, October 4th. Stifel Nicolaus downgraded Avnet from a “buy” rating to a “hold” rating and dropped their price target for the stock from $47.00 to $44.00 in a research report on Tuesday, September 20th. Longbow Research raised Avnet from a “neutral” rating to a “buy” rating in a research report on Friday, October 21st. They noted that the move was a valuation call. Citigroup Inc. dropped their price target on Avnet from $37.00 to $35.00 and set a “sell” rating for the company in a research report on Thursday, September 22nd. Finally, Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Thursday, January 5th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $44.22.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The Company operates through two segments: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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