Liberty Mutual Group Asset Management Inc. decreased its holdings in Avnet, Inc. (NYSE:AVT) by 4.5% in the 4th quarter, Holdings Channel reports. The firm owned 31,240 shares of the technology company’s stock after selling 1,455 shares during the quarter. Liberty Mutual Group Asset Management Inc.’s holdings in Avnet were worth $1,238,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Brookstone Capital Management raised its position in Avnet by 17.0% in the 3rd quarter. Brookstone Capital Management now owns 8,760 shares of the technology company’s stock valued at $344,000 after purchasing an additional 1,275 shares during the last quarter. Toronto Dominion Bank raised its position in Avnet by 37.4% in the 4th quarter. Toronto Dominion Bank now owns 7,253 shares of the technology company’s stock valued at $287,000 after purchasing an additional 1,974 shares during the last quarter. Asset Management One Co. Ltd. raised its position in Avnet by 1.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 203,988 shares of the technology company’s stock valued at $8,020,000 after purchasing an additional 2,000 shares during the last quarter. Pacer Advisors Inc. raised its position in Avnet by 11.3% in the 3rd quarter. Pacer Advisors Inc. now owns 22,045 shares of the technology company’s stock valued at $866,000 after purchasing an additional 2,245 shares during the last quarter. Finally, Commonwealth Bank of Australia raised its position in Avnet by 4.8% in the 3rd quarter. Commonwealth Bank of Australia now owns 54,686 shares of the technology company’s stock valued at $2,145,000 after purchasing an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.
In related news, insider Kevin V. Summers sold 1,511 shares of Avnet stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total transaction of $61,452.37. Following the completion of the sale, the insider now directly owns 5,354 shares of the company’s stock, valued at $217,747.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Philip R. Gallagher sold 14,292 shares of Avnet stock in a transaction 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 sale, the insider now directly owns 22,178 shares of the company’s stock, valued at $931,476. The disclosure for this sale can be found here. 1.65% of the stock is owned by insiders.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 EPS 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 business had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the firm earned $0.77 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. research analysts forecast that Avnet, Inc. will post 3.47 EPS for the current year.
Avnet announced that its Board of Directors has approved a share repurchase program on Friday, November 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, March 12th. 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 1.78%. Avnet’s payout ratio is 19.94%.
A number of equities research analysts have recently weighed in on the company. TheStreet upgraded Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Goldman Sachs Group upgraded 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, Longbow Research upgraded Avnet from a “neutral” rating to a “buy” rating in a research report on Friday, January 19th. Three 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. The company currently has an average rating of “Hold” and a consensus target price of $40.13.
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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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