Brandes Investment Partners LP Has $21.91 Million Position in Avnet, Inc. (AVT)

Brandes Investment Partners LP boosted its holdings in Avnet, Inc. (NYSE:AVT) by 9.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 563,629 shares of the technology company’s stock after buying an additional 48,027 shares during the period. Brandes Investment Partners LP owned 0.45% of Avnet worth $21,914,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cipher Capital LP lifted its stake in shares of Avnet by 68.9% in the 2nd quarter. Cipher Capital LP now owns 33,226 shares of the technology company’s stock valued at $1,292,000 after purchasing an additional 13,552 shares in the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in shares of Avnet during the 2nd quarter valued at about $372,000. Swiss National Bank raised its holdings in shares of Avnet by 3.7% during the 2nd quarter. Swiss National Bank now owns 468,932 shares of the technology company’s stock valued at $18,232,000 after buying an additional 16,700 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of Avnet during the 2nd quarter valued at about $113,000. Finally, Crawford Investment Counsel Inc. purchased a new stake in shares of Avnet during the 2nd quarter valued at about $626,000. 97.14% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently commented on AVT. BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Deutsche Bank AG reiterated a “hold” rating and set a $39.00 target price (down from $40.00) on shares of Avnet in a report on Thursday, August 10th. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $44.00 to $40.00 in a report on Friday, July 14th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, ValuEngine downgraded Avnet from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $42.11.

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In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were 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 directly owns 12,191 shares in the company, valued at $452,286.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.47% of the stock is owned by insiders.

Avnet, Inc. (AVT) opened at 38.76 on Friday. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 9.49 and a beta of 1.03. The company’s 50-day moving average price is $37.57 and its 200-day moving average price is $40.05. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50.

Avnet (NYSE:AVT) last released its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. Analysts predict that Avnet, Inc. will post $3.26 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.72 annualized dividend and a yield of 1.86%. Avnet’s dividend payout ratio is currently 17.69%.

Avnet 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.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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