Avnet, Inc. (NYSE:AVT) Stake Lowered by World Asset Management Inc
World Asset Management Inc decreased its position in Avnet, Inc. (NYSE:AVT) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,394 shares of the technology company’s stock after selling 199 shares during the period. World Asset Management Inc’s holdings in Avnet were worth $404,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in AVT. BlackRock Inc. increased its stake in Avnet by 5,261.5% in the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock worth $554,666,000 after buying an additional 11,895,142 shares during the last quarter. Victory Capital Management Inc. increased its stake in Avnet by 32.3% in the first quarter. Victory Capital Management Inc. now owns 3,289,239 shares of the technology company’s stock worth $150,516,000 after buying an additional 803,409 shares during the last quarter. Wells Fargo & Company MN increased its stake in Avnet by 1,147.3% in the first quarter. Wells Fargo & Company MN now owns 852,435 shares of the technology company’s stock worth $39,007,000 after buying an additional 784,095 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Avnet during the second quarter worth $25,102,000. Finally, Longview Partners Guernsey LTD increased its stake in Avnet by 17.8% in the second quarter. Longview Partners Guernsey LTD now owns 4,142,514 shares of the technology company’s stock worth $161,061,000 after buying an additional 626,708 shares during the last quarter. 98.73% of the stock is owned by institutional investors and hedge funds.
Avnet, Inc. (NYSE AVT) opened at 36.99 on Friday. Avnet, Inc. has a 12-month low of $35.96 and a 12-month high of $51.50. The firm has a 50-day moving average of $38.79 and a 200-day moving average of $41.64. The firm has a market cap of $4.59 billion, a P/E ratio of 9.05 and a beta of 1.04.
Avnet (NYSE:AVT) last announced its earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.86 earnings per share. On average, analysts expect that Avnet, Inc. will post $3.24 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Friday, September 1st. Avnet’s payout ratio is presently 17.69%.
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AVT has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of Avnet from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 2nd. Deutsche Bank AG reissued a “hold” rating and set a $40.00 price target (down previously from $47.00) on shares of Avnet in a research report on Saturday, April 29th. Citigroup Inc. reissued a “sell” rating and set a $31.00 price target on shares of Avnet in a research report on Friday, April 28th. SunTrust Banks, Inc. downgraded shares of Avnet from a “buy” rating to a “hold” rating and decreased their price target for the stock from $53.00 to $39.00 in a research report on Friday, April 28th. Finally, BidaskClub raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a strong buy rating to the stock. Avnet presently has a consensus rating of “Hold” and a consensus target price of $42.11.
In other Avnet news, CFO Kevin M. Moriarty bought 6,933 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were bought at an average price of $36.08 per share, for a total transaction of $250,142.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James A. Lawrence bought 408,451 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were acquired at an average price of $36.99 per share, for a total transaction of $15,108,602.49. Following the acquisition, the director now directly owns 416,549 shares of the company’s stock, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. 1.47% of the stock is currently owned by corporate insiders.
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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