Goldman Sachs Group Inc. lowered its stake in Avnet, Inc. (NYSE:AVT) by 0.5% in the fourth quarter, Holdings Channel reports. The fund owned 2,670,643 shares of the technology company’s stock after selling 14,570 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Avnet were worth $105,811,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Janus Henderson Group PLC lifted its holdings in shares of Avnet by 262.0% in the third quarter. Janus Henderson Group PLC now owns 764,285 shares of the technology company’s stock worth $30,037,000 after acquiring an additional 553,130 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Avnet in the third quarter worth about $435,000. Cerebellum GP LLC bought a new position in shares of Avnet in the fourth quarter worth about $3,489,000. Earnest Partners LLC bought a new position in shares of Avnet in the third quarter worth about $17,864,000. Finally, Toronto Dominion Bank lifted its holdings in shares of Avnet by 233.3% in the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after acquiring an additional 3,695 shares during the last quarter. 96.38% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the stock. Pivotal Research assumed coverage on shares of Avnet in a report on Tuesday, February 13th. They issued a “hold” rating and a $44.00 target price for the company. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective for the company in a report on Friday, January 5th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Longbow Research upgraded shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Finally, Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Avnet presently has an average rating of “Hold” and an average target price of $40.13.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The business had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the business earned $0.77 EPS. equities analysts expect that Avnet, Inc. will post 3.47 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Shareholders of record on Tuesday, March 13th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Monday, March 12th. This is an increase from Avnet’s previous quarterly dividend of $0.18. Avnet’s dividend payout ratio is currently 21.05%.
In other Avnet news, insider Philip R. Gallagher sold 14,292 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were 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 owns 22,178 shares of the company’s stock, valued at approximately $931,476. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin V. Summers sold 1,511 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total transaction of $61,452.37. Following the sale, the insider now directly owns 5,354 shares of the company’s stock, valued at approximately $217,747.18. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
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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