Avnet, Inc. (AVT) Stake Held by Carret Asset Management LLC
Carret Asset Management LLC continued to hold its stake in shares of Avnet, Inc. (NYSE:AVT) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,027 shares of the technology company’s stock at the end of the 2nd quarter. Carret Asset Management LLC’s holdings in Avnet were worth $468,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Weaver C. Barksdale & Associates Inc. lifted its stake in Avnet by 11.2% during the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after purchasing an additional 262 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Avnet during the second quarter worth about $113,000. Daiwa Securities Group Inc. lifted its stake in Avnet by 21.9% during 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 last quarter. Riverhead Capital Management LLC lifted its stake in Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,559 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Avnet during the second quarter worth about $208,000. 96.22% of the stock is owned by hedge funds and other institutional investors.
In related news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the transaction, the director now owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is currently owned by company insiders.
Several equities research analysts have issued reports on the company. Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. BidaskClub lowered Avnet from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $39.00 price target (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $38.40.
Avnet, Inc. (NYSE AVT) traded down 0.47% on Friday, hitting $40.46. The stock had a trading volume of 1,562,215 shares. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 9.90 and a beta of 1.07. The company’s 50 day moving average price is $38.31 and its 200 day moving average price is $39.38. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter last year, the firm earned $0.86 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. Analysts expect that Avnet, Inc. will post $3.27 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Friday, September 1st. Avnet’s payout ratio is 17.69%.
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Avnet Company Profile
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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