Pacific Center for Financial Services Has $142,000 Holdings in Avnet, Inc. (AVT)
Pacific Center for Financial Services held its stake in Avnet, Inc. (NYSE:AVT) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 3,640 shares of the technology company’s stock at the close of the second quarter. Pacific Center for Financial Services’ holdings in Avnet were worth $142,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Avnet by 1.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,313 shares of the technology company’s stock valued at $14,514,000 after buying an additional 4,083 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Avnet in the 2nd quarter valued at $4,773,000. Bank of Hawaii raised its stake in shares of Avnet by 1.5% in the 1st quarter. Bank of Hawaii now owns 15,945 shares of the technology company’s stock valued at $730,000 after buying an additional 229 shares in the last quarter. Caxton Associates LP acquired a new position in shares of Avnet in the 1st quarter valued at $563,000. Finally, Capstone Asset Management Co. raised its stake in shares of Avnet by 5.0% in the 2nd quarter. Capstone Asset Management Co. now owns 18,216 shares of the technology company’s stock valued at $708,000 after buying an additional 866 shares in the last quarter. Institutional investors own 96.22% of the company’s stock.
In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the transaction, the director now owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.47% of the stock is currently owned by insiders.
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A number of equities analysts have recently issued reports on the stock. BidaskClub cut shares of Avnet from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Deutsche Bank AG restated a “hold” rating and issued a $39.00 price objective (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, Bank of America Corporation cut shares of Avnet from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $42.11.
Shares of Avnet, Inc. (NYSE:AVT) traded up 0.28% during midday trading on Tuesday, hitting $38.99. 114,930 shares of the company were exchanged. The company has a 50-day moving average of $37.59 and a 200 day moving average of $39.90. Avnet, Inc. has a one year low of $35.67 and a one year high of $51.50. The company has a market capitalization of $4.80 billion, a P/E ratio of 9.54 and a beta of 1.03.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.07. The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. Avnet’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.86 earnings per share. On average, equities research analysts expect that Avnet, Inc. will post $3.26 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.85%. The ex-dividend date was Friday, September 1st. Avnet’s payout ratio is 17.69%.
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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