DNB Asset Management AS decreased its holdings in shares of Avnet (NYSE:AVT) by 84.7% in the third quarter, HoldingsChannel.com reports. The firm owned 10,423 shares of the technology company’s stock after selling 57,800 shares during the quarter. DNB Asset Management AS’s holdings in Avnet were worth $467,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. CIBC World Markets Inc. bought a new position in Avnet during the second quarter worth about $201,000. Jane Street Group LLC bought a new position in Avnet during the second quarter worth about $210,000. Foster & Motley Inc. bought a new position in Avnet during the second quarter worth about $226,000. IFM Investors Pty Ltd bought a new position in Avnet during the second quarter worth about $266,000. Finally, Nuveen Asset Management LLC bought a new position in Avnet during the first quarter worth about $295,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.
NYSE:AVT opened at $41.03 on Friday. Avnet has a 1 year low of $38.12 and a 1 year high of $49.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.58. The company has a market capitalization of $4.63 billion, a PE ratio of 12.72, a PEG ratio of 1.08 and a beta of 0.99.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were issued a $0.20 dividend. The ex-dividend date was Friday, September 7th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.95%. This is a positive change from Avnet’s previous quarterly dividend of $0.19. Avnet’s dividend payout ratio (DPR) is currently 24.69%.
Avnet announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Wednesday, June 27th. Citigroup lifted their target price on shares of Avnet from $37.00 to $39.00 and gave the company a “sell” rating in a research note on Thursday, August 9th. TheStreet cut shares of Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Wells Fargo & Co assumed coverage on shares of Avnet in a research note on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 target price for the company. Finally, Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and lifted their target price for the company from $44.00 to $55.00 in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Avnet currently has an average rating of “Hold” and an average price target of $45.14.
In related news, insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.65% of the company’s stock.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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