Bank of Montreal Can purchased a new position in shares of Avnet Inc. (NYSE:AVT) during the second quarter, Holdings Channel reports. The firm purchased 120,076 shares of the company’s stock, valued at approximately $4,864,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of AVT. Hancock Holding Co. raised its position in shares of Avnet by 97.7% in the first quarter. Hancock Holding Co. now owns 144,914 shares of the company’s stock worth $6,418,000 after buying an additional 71,613 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Avnet by 11.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,627,554 shares of the company’s stock worth $72,101,000 after buying an additional 167,608 shares in the last quarter. AXA raised its position in shares of Avnet by 10.8% in the first quarter. AXA now owns 274,300 shares of the company’s stock worth $12,152,000 after buying an additional 26,800 shares in the last quarter. UBS Group AG raised its position in shares of Avnet by 11.0% in the first quarter. UBS Group AG now owns 45,747 shares of the company’s stock worth $2,026,000 after buying an additional 4,536 shares in the last quarter. Finally, Zebra Capital Management LLC raised its position in shares of Avnet by 30.5% in the first quarter. Zebra Capital Management LLC now owns 21,506 shares of the company’s stock worth $953,000 after buying an additional 5,022 shares in the last quarter. 94.79% of the stock is currently owned by hedge funds and other institutional investors.
Avnet Inc. (NYSE:AVT) traded down 0.07% during mid-day trading on Wednesday, reaching $41.76. 670,937 shares of the company traded hands. The stock has a 50-day moving average of $41.18 and a 200 day moving average of $41.38. The stock has a market capitalization of $5.32 billion, a PE ratio of 10.99 and a beta of 1.27. Avnet Inc. has a 52-week low of $37.10 and a 52-week high of $46.95.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The company had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. Equities research analysts expect that Avnet Inc. will post $4.25 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, September 7th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $0.68 annualized dividend and a yield of 1.63%. Avnet’s payout ratio is currently 17.85%.
A number of brokerages recently weighed in on AVT. Stifel Nicolaus lowered shares of Avnet from a “buy” rating to a “hold” rating and decreased their price target for the company from $47.00 to $44.00 in a research note on Tuesday, September 20th. Cross Research lowered shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. Longbow Research lowered shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Brean Capital reissued a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Finally, Citigroup Inc. raised their target price on shares of Avnet from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday, August 11th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $43.89.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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