Brandywine Global Investment Management LLC trimmed its stake in Avnet, Inc. (NYSE:AVT) by 14.6% in the fourth quarter, HoldingsChannel reports. The firm owned 332,201 shares of the technology company’s stock after selling 56,759 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Avnet were worth $13,162,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. BlueCrest Capital Management Ltd bought a new position in Avnet in the fourth quarter valued at approximately $257,000. Renaissance Technologies LLC grew its stake in Avnet by 33.6% in the fourth quarter. Renaissance Technologies LLC now owns 722,200 shares of the technology company’s stock valued at $28,614,000 after purchasing an additional 181,579 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in Avnet by 5.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 190,900 shares of the technology company’s stock valued at $7,563,000 after purchasing an additional 9,700 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in Avnet in the fourth quarter valued at approximately $2,167,000. Finally, Alliancebernstein L.P. grew its stake in Avnet by 2.3% in the fourth quarter. Alliancebernstein L.P. now owns 1,873,654 shares of the technology company’s stock valued at $74,234,000 after purchasing an additional 42,577 shares in the last quarter. Hedge funds and other institutional investors own 96.38% of the company’s stock.
A number of research analysts have weighed in on the company. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Longbow Research raised Avnet from a “neutral” rating to a “buy” rating in a research report on Friday, January 19th. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective for the company in a research report on Friday, January 5th. Pivotal Research assumed coverage on Avnet in a research report on Tuesday, February 13th. They issued a “hold” rating and a $44.00 price objective for the company. Finally, Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Avnet currently has a consensus rating of “Hold” and a consensus price target of $40.13.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The company had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same period last year, the firm posted $0.77 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. sell-side analysts anticipate that Avnet, Inc. will post 3.47 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be issued a dividend of $0.19 per share. This is a boost from Avnet’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.71%. The ex-dividend date is Monday, March 12th. Avnet’s dividend payout ratio (DPR) is presently 31.17%.
In related news, insider Philip R. Gallagher sold 14,292 shares of Avnet stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $42.00, for a total transaction of $600,264.00. Following the completion of the sale, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Kevin V. Summers sold 1,511 shares of Avnet stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total value of $61,452.37. Following the sale, the insider now directly owns 5,354 shares of the company’s stock, valued at $217,747.18. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.
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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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