Avnet, Inc. (AVT) Shares Bought by Advisor Group Inc.

Advisor Group Inc. increased its stake in Avnet, Inc. (NYSE:AVT) by 7.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,208 shares of the technology company’s stock after purchasing an additional 544 shares during the quarter. Advisor Group Inc.’s holdings in Avnet were worth $318,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AVT. SG Americas Securities LLC lifted its holdings in Avnet by 41.6% in the first quarter. SG Americas Securities LLC now owns 19,832 shares of the technology company’s stock worth $908,000 after purchasing an additional 5,824 shares during the period. United Services Automobile Association acquired a new stake in Avnet in the first quarter worth about $1,433,000. Royce & Associates LP acquired a new stake in Avnet in the first quarter worth about $3,661,000. Thrivent Financial For Lutherans lifted its holdings in Avnet by 511.6% in the first quarter. Thrivent Financial For Lutherans now owns 133,700 shares of the technology company’s stock worth $6,118,000 after purchasing an additional 111,840 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Avnet by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock worth $531,183,000 after purchasing an additional 187,314 shares during the period. 97.08% of the stock is owned by institutional investors and hedge funds.

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In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the transaction, the director now owns 12,191 shares in the company, valued at $452,286.10. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.65% of the stock is currently owned by company insiders.

Shares of Avnet, Inc. (NYSE:AVT) opened at 40.59 on Friday. Avnet, Inc. has a one year low of $35.67 and a one year high of $51.50. The firm has a market capitalization of $5.00 billion, a P/E ratio of 9.93 and a beta of 1.07. The firm has a 50-day moving average of $38.81 and a 200-day moving average of $39.27.

Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. During the same quarter last year, the business earned $0.86 earnings per share. The company’s revenue was up 16.0% compared to the same quarter last year. On average, equities analysts predict that Avnet, Inc. will post $3.27 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Friday, September 1st. Avnet’s dividend payout ratio (DPR) is currently 17.69%.

AVT has been the subject of several research analyst reports. BidaskClub raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the company from $44.00 to $40.00 in a report on Friday, July 14th. Deutsche Bank AG reissued a “hold” rating and issued a $39.00 price target (down from $40.00) on shares of Avnet in a report on Thursday, August 10th. Finally, ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $39.50.

About Avnet

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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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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