Livforsakringsbolaget Skandia Omsesidigt cut its stake in shares of Avnet, Inc. (NYSE:AVT) by 6.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,793 shares of the technology company’s stock after selling 4,500 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt owned 0.06% of Avnet worth $2,805,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Alpha Windward LLC bought a new stake in shares of Avnet during the 3rd quarter valued at approximately $507,000. Diamond Hill Capital Management Inc. grew its holdings in shares of Avnet by 77.0% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,142,818 shares of the technology company’s stock valued at $44,913,000 after purchasing an additional 497,203 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Avnet by 304.4% during the 3rd quarter. Canada Pension Plan Investment Board now owns 214,010 shares of the technology company’s stock valued at $8,411,000 after purchasing an additional 161,088 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Avnet by 835.6% during the 2nd quarter. Janus Henderson Group PLC now owns 211,155 shares of the technology company’s stock valued at $8,210,000 after purchasing an additional 188,585 shares during the last quarter. Finally, AXA bought a new stake in shares of Avnet during the 2nd quarter valued at approximately $1,765,000. 95.93% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on AVT shares. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, October 10th. Stifel Nicolaus lifted their price target on shares of Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Citigroup lifted their price target on shares of Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a report on Friday, October 27th. Finally, Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $39.57.
In other Avnet news, CEO Amelio J. William bought 3,000 shares of Avnet stock in a transaction on Friday, December 8th. The shares were purchased at an average cost of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.65% of the company’s stock.
Shares of Avnet, Inc. (NYSE:AVT) opened at $41.32 on Friday. Avnet, Inc. has a 1-year low of $35.67 and a 1-year high of $48.20. 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 firm has a market cap of $5,036.63, a P/E ratio of 10.30, a price-to-earnings-growth ratio of 1.36 and a beta of 1.09.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.05. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The firm had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the firm posted $0.91 EPS. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. equities analysts predict that Avnet, Inc. will post 3.36 earnings per share for the current fiscal year.
Avnet declared that its Board of Directors has initiated a share buyback program on Friday, November 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are 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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