Avnet, Inc. (AVT) Holdings Reduced by Engineers Gate Manager LP
Engineers Gate Manager LP lowered its position in Avnet, Inc. (NYSE:AVT) by 25.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,266 shares of the technology company’s stock after selling 31,492 shares during the quarter. Engineers Gate Manager LP owned approximately 0.08% of Avnet worth $3,587,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AVT. Pacad Investment Ltd. acquired a new stake in Avnet in the 2nd quarter worth about $113,000. Daiwa Securities Group Inc. increased its holdings in Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the period. Riverhead Capital Management LLC increased its holdings in Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after buying an additional 1,559 shares during the period. Toronto Dominion Bank increased its holdings in Avnet by 233.3% in the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after buying an additional 3,695 shares during the period. Finally, M&T Bank Corp bought a new position in Avnet in the 2nd quarter valued at about $208,000. Hedge funds and other institutional investors own 94.89% of the company’s stock.
Avnet, Inc. (NYSE:AVT) opened at $40.34 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.78 and a quick ratio of 1.63. The firm has a market cap of $4,933.84, a P/E ratio of 12.55, a P/E/G ratio of 1.33 and a beta of 1.09. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The company had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. Avnet’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current year.
Avnet declared that its Board of Directors has approved a share repurchase plan on Friday, November 10th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Tuesday, December 5th. Avnet’s payout ratio is currently 17.96%.
AVT has been the topic of several research reports. TheStreet lowered shares of Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, October 10th. Stifel Nicolaus boosted their target price on shares of Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Finally, ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $40.29.
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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