Avnet, Inc. (NYSE:AVT) Shares Sold by State Treasurer State of Michigan
State Treasurer State of Michigan cut its stake in Avnet, Inc. (NYSE:AVT) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,540 shares of the technology company’s stock after selling 800 shares during the period. State Treasurer State of Michigan’s holdings in Avnet were worth $2,004,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of AVT. BlackRock Inc. increased its position in shares of Avnet by 5,261.5% in the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock valued at $554,666,000 after buying an additional 11,895,142 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Avnet by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock valued at $531,183,000 after buying an additional 187,314 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Avnet by 6.7% in the first quarter. Pzena Investment Management LLC now owns 5,450,045 shares of the technology company’s stock valued at $249,394,000 after buying an additional 341,284 shares in the last quarter. State Street Corp increased its position in shares of Avnet by 1.8% in the first quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock valued at $207,238,000 after buying an additional 79,662 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in shares of Avnet by 0.8% in the first quarter. Artisan Partners Limited Partnership now owns 4,506,341 shares of the technology company’s stock valued at $206,210,000 after buying an additional 34,002 shares in the last quarter. 98.73% of the stock is owned by institutional investors.
Avnet, Inc. (NYSE AVT) traded up 0.52% during trading on Friday, hitting $36.99. 945,779 shares of the stock were exchanged. The stock has a market cap of $4.59 billion, a P/E ratio of 9.05 and a beta of 1.04. Avnet, Inc. has a 12 month low of $35.96 and a 12 month high of $51.50. The stock’s 50 day moving average price is $38.79 and its 200 day moving average price is $41.64.
Avnet (NYSE:AVT) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 earnings per share. Analysts forecast that Avnet, Inc. will post $3.24 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, September 1st. Avnet’s dividend payout ratio is presently 17.69%.
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Several analysts have recently issued reports on AVT shares. Bank of America Corporation cut shares of Avnet from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $44.00 to $40.00 in a research report on Friday, July 14th. ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. restated a “sell” rating and set a $31.00 target price on shares of Avnet in a research report on Friday, April 28th. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Finally, Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Avnet currently has an average rating of “Hold” and a consensus price target of $42.11.
In other news, CFO Kevin M. Moriarty purchased 6,933 shares of Avnet stock in a transaction dated Thursday, May 18th. The stock was bought at an average price of $36.08 per share, with a total value of $250,142.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James A. Lawrence purchased 408,451 shares of Avnet stock in a transaction dated Friday, June 2nd. The shares were purchased at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the acquisition, the director now owns 416,549 shares of the company’s stock, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. Insiders own 1.47% of the company’s stock.
Avnet Company Profile
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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