State Board of Administration of Florida Retirement System Has $7.61 Million Holdings in Avnet (NYSE:AVT)

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State Board of Administration of Florida Retirement System lessened its holdings in shares of Avnet (NYSE:AVT) by 0.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 167,997 shares of the technology company’s stock after selling 872 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.16% of Avnet worth $7,605,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AVT. Wealthcare Advisory Partners LLC lifted its position in Avnet by 1,687.2% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock valued at $32,000 after acquiring an additional 658 shares during the period. Advisory Services Network LLC raised its holdings in shares of Avnet by 1,178.9% during the 1st quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock valued at $40,000 after buying an additional 837 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in shares of Avnet during the 2nd quarter valued at about $74,000. Osborn Williams & Donohoe LLC purchased a new stake in shares of Avnet during the 1st quarter valued at about $132,000. Finally, Smith Salley & Associates purchased a new stake in shares of Avnet during the 2nd quarter valued at about $204,000. 96.44% of the stock is owned by institutional investors and hedge funds.

NYSE:AVT remained flat at $$40.08 during midday trading on Wednesday. The company had a trading volume of 15,803 shares, compared to its average volume of 701,277. Avnet has a twelve month low of $33.55 and a twelve month high of $49.40. The firm has a fifty day moving average of $42.78 and a two-hundred day moving average of $43.89.

Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.05). The company had revenue of $4.68 billion during the quarter, compared to analyst estimates of $4.61 billion. During the same period in the prior year, the company earned $0.99 EPS. Avnet’s revenue for the quarter was down 7.5% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Tuesday, September 10th. This is an increase from Avnet’s previous quarterly dividend of $0.20.

Several equities research analysts recently commented on AVT shares. Bank of America reiterated a “buy” rating and set a $47.00 target price (down from $50.00) on shares of Avnet in a report on Friday, August 9th. Raymond James decreased their target price on Avnet from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, August 9th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Deutsche Bank started coverage on Avnet in a research report on Tuesday, June 11th. They issued a “hold” rating and a $44.00 target price for the company. Finally, TheStreet lowered Avnet from a “b” rating to a “c+” rating in a research report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Avnet currently has an average rating of “Buy” and a consensus price target of $45.50.

Avnet Profile

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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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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