Wells Fargo & Company MN grew its stake in shares of Avnet, Inc. (NYSE:AVT) by 29.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 685,585 shares of the technology company’s stock after acquiring an additional 155,239 shares during the quarter. Wells Fargo & Company MN owned about 0.57% of Avnet worth $27,164,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in AVT. Janus Henderson Group PLC increased its stake in shares of Avnet by 262.0% in the third quarter. Janus Henderson Group PLC now owns 764,285 shares of the technology company’s stock valued at $30,037,000 after buying an additional 553,130 shares during the period. GSA Capital Partners LLP bought a new position in Avnet in the third quarter worth approximately $435,000. Cerebellum GP LLC bought a new position in Avnet in the fourth quarter worth approximately $3,489,000. Canada Pension Plan Investment Board boosted its holdings in Avnet by 304.4% in the third quarter. Canada Pension Plan Investment Board now owns 214,010 shares of the technology company’s stock worth $8,411,000 after acquiring an additional 161,088 shares in the last quarter. Finally, Earnest Partners LLC bought a new position in Avnet in the third quarter worth approximately $17,864,000. Hedge funds and other institutional investors own 96.38% of the company’s stock.
Shares of Avnet, Inc. (AVT) traded down $0.29 during trading hours on Wednesday, reaching $43.92. The company had a trading volume of 606,918 shares, compared to its average volume of 987,148. Avnet, Inc. has a 52 week low of $35.67 and a 52 week high of $46.61. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 2.75. The stock has a market cap of $5,325.57, a P/E ratio of 12.25, a PEG ratio of 1.42 and a beta of 0.97.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The firm had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the business earned $0.77 EPS. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. equities research analysts anticipate that Avnet, Inc. will post 3.47 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 27th. Stockholders of record on Tuesday, March 13th will be given a $0.19 dividend. This is a boost from Avnet’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 12th. Avnet’s payout ratio is currently 21.05%.
A number of analysts recently commented on AVT shares. Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Longbow Research raised Avnet from a “neutral” rating to a “buy” rating in a research report on Friday, January 19th. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 target price for the company in a research report on Friday, January 5th. Finally, Pivotal Research initiated coverage on Avnet in a research report on Tuesday, February 13th. They issued a “hold” rating and a $44.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Avnet presently has an average rating of “Hold” and a consensus target price of $40.13.
In related news, insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $42.00, for a total value of $600,264.00. Following the transaction, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kevin V. Summers sold 1,511 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total value of $61,452.37. Following the transaction, the insider now directly owns 5,354 shares in the company, valued at $217,747.18. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.
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Avnet Company 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.
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