Russell Investments Group Ltd. cut its position in Avnet, Inc. (NYSE:AVT) by 6.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,178,317 shares of the technology company’s stock after selling 83,502 shares during the period. Russell Investments Group Ltd. owned about 0.97% of Avnet worth $46,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comerica Bank boosted its position in shares of Avnet by 1.2% during the third quarter. Comerica Bank now owns 323,588 shares of the technology company’s stock worth $12,846,000 after acquiring an additional 3,741 shares during the last quarter. Advisor Group Inc. boosted its position in shares of Avnet by 48.1% during the third quarter. Advisor Group Inc. now owns 12,160 shares of the technology company’s stock worth $478,000 after acquiring an additional 3,952 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of Avnet by 233.3% during the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after acquiring an additional 3,695 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Avnet by 1.4% during the third quarter. New York State Common Retirement Fund now owns 831,670 shares of the technology company’s stock worth $32,685,000 after acquiring an additional 11,180 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its position in shares of Avnet by 7.5% during the third quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock worth $320,453,000 after acquiring an additional 570,577 shares during the last quarter. 92.32% of the stock is owned by hedge funds and other institutional investors.
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A number of equities analysts recently weighed in on the stock. BidaskClub lowered shares of Avnet from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Citigroup Inc. increased their price objective on shares of Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research report on Friday, October 27th. TheStreet upgraded shares of Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $39.00 price objective (down previously from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $40.29.
Shares of Avnet, Inc. (AVT) opened at $39.60 on Monday. Avnet, Inc. has a 12 month low of $35.67 and a 12 month high of $51.50. The firm has a market cap of $4,788.73, a price-to-earnings ratio of 12.19, a PEG ratio of 1.30 and a beta of 1.08. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 earnings per share. sell-side analysts expect that Avnet, Inc. will post 3.36 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.82%. The ex-dividend date is Tuesday, December 5th. Avnet’s dividend payout ratio is presently 17.96%.
Avnet declared that its board has approved a stock buyback program 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 programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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