Russell Investments Group Ltd. Sells 414,219 Shares of Avnet, Inc. (NASDAQ:AVT)

Russell Investments Group Ltd. trimmed its stake in shares of Avnet, Inc. (NASDAQ:AVTGet Rating) by 30.0% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 966,434 shares of the company’s stock after selling 414,219 shares during the quarter. Russell Investments Group Ltd.’s holdings in Avnet were worth $34,902,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Avnet by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company’s stock valued at $438,893,000 after acquiring an additional 49,576 shares during the period. Greenhaven Associates Inc. bought a new stake in shares of Avnet during the 3rd quarter worth $48,490,000. Millennium Management LLC lifted its position in shares of Avnet by 37.6% during the 2nd quarter. Millennium Management LLC now owns 1,071,018 shares of the company’s stock worth $45,925,000 after buying an additional 292,882 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Avnet by 15.9% during the 2nd quarter. AQR Capital Management LLC now owns 953,558 shares of the company’s stock worth $39,668,000 after buying an additional 130,466 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Avnet by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 925,415 shares of the company’s stock worth $37,563,000 after buying an additional 44,685 shares during the last quarter. 97.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVT. Stifel Nicolaus dropped their price objective on Avnet from $48.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, October 10th. StockNews.com downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Avnet has an average rating of “Hold” and an average target price of $44.86.

Avnet Trading Down 0.1 %

Shares of AVT stock opened at $44.65 on Wednesday. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 5.74, a PEG ratio of 0.26 and a beta of 1.33. The stock has a 50-day moving average of $43.33 and a 200-day moving average of $41.76. The company has a current ratio of 2.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.45. Avnet, Inc. has a 1-year low of $35.45 and a 1-year high of $50.19.

Avnet (NASDAQ:AVTGet Rating) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.09. The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.36 billion. Avnet had a return on equity of 18.23% and a net margin of 3.00%. The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. On average, equities research analysts forecast that Avnet, Inc. will post 6.97 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th were paid a $0.29 dividend. The ex-dividend date was Tuesday, December 6th. This represents a $1.16 annualized dividend and a dividend yield of 2.60%. Avnet’s payout ratio is 14.91%.

Avnet Profile

(Get Rating)

Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

See Also

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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