Northern Trust Corp Trims Holdings in Avnet (AVT)
Northern Trust Corp reduced its stake in Avnet (NYSE:AVT) by 4.6% during the second quarter, Holdings Channel reports. The fund owned 1,155,061 shares of the technology company’s stock after selling 56,056 shares during the quarter. Northern Trust Corp’s holdings in Avnet were worth $49,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. CIBC World Markets Inc. bought a new stake in shares of Avnet in the 2nd quarter worth about $201,000. Jane Street Group LLC bought a new stake in shares of Avnet in the 2nd quarter worth about $210,000. Foster & Motley Inc. bought a new stake in shares of Avnet in the 2nd quarter worth about $226,000. IFM Investors Pty Ltd bought a new stake in shares of Avnet in the 2nd quarter worth about $266,000. Finally, Nuveen Asset Management LLC bought a new stake in shares of Avnet in the 1st quarter worth about $295,000. Institutional investors own 96.44% of the company’s stock.
In related news, insider Maryann G. Miller sold 15,024 shares of Avnet stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $47.99, for a total transaction of $721,001.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.65% of the stock is currently owned by insiders.
Avnet (NYSE:AVT) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The firm had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the company earned $0.84 EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, research analysts expect that Avnet will post 3.52 earnings per share for the current year.
Avnet declared that its board has approved a share repurchase program on Wednesday, August 29th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, September 7th. This is a boost from Avnet’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.98%. Avnet’s payout ratio is currently 24.69%.
AVT has been the topic of a number of research reports. Pivotal Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $42.00 to $50.00 in a report on Friday, June 15th. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Wednesday, June 27th. Wells Fargo & Co initiated coverage on shares of Avnet in a report on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 target price on the stock. Citigroup boosted their target price on shares of Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a report on Thursday, August 9th. Finally, Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $55.00 in a report on Friday, August 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $45.14.
Avnet Company Profile
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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