Dimensional Fund Advisors LP Cuts Holdings in Avnet, Inc. (AVT)
Dimensional Fund Advisors LP cut its stake in Avnet, Inc. (NYSE:AVT) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,101,019 shares of the technology company’s stock after selling 67,813 shares during the quarter. Dimensional Fund Advisors LP owned about 3.39% of Avnet worth $161,173,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in AVT. Daiwa Securities Group Inc. raised its position in Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after purchasing an additional 700 shares during the period. Pictet Asset Management Ltd. increased its position in shares of Avnet by 1.4% during the second quarter. Pictet Asset Management Ltd. now owns 45,000 shares of the technology company’s stock worth $1,651,000 after acquiring an additional 600 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Avnet by 7.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 558,904 shares of the technology company’s stock worth $21,731,000 after acquiring an additional 37,062 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Avnet during the second quarter worth about $908,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Avnet by 67.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 72,416 shares of the technology company’s stock worth $2,816,000 after acquiring an additional 29,241 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on AVT shares. TheStreet raised Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, October 10th. Stifel Nicolaus boosted their price objective on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Finally, Cross Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $40.29.
In related news, CEO Amelio J. William purchased 3,000 shares of the company’s stock in a transaction on Friday, December 8th. The shares were bought at an average price of $39.16 per share, with a total value of $117,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.65% of the stock is currently owned by corporate insiders.
Avnet, Inc. (NYSE AVT) opened at $39.58 on Thursday. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $4,792.35, a P/E ratio of 12.19, a PEG ratio of 1.30 and a beta of 1.09. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $49.19.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The business had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The business’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 earnings per share. research analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $0.72 annualized dividend and a yield of 1.82%. Avnet’s payout ratio is 17.96%.
Avnet declared that its board has initiated a stock buyback plan on Friday, November 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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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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