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.
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.
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.
Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet, Inc. (NYSE:AVT).
Receive News & Ratings for Avnet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.