California Public Employees Retirement System Raises Position in Avnet, Inc. (AVT)
California Public Employees Retirement System increased its stake in Avnet, Inc. (NYSE:AVT) by 5.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 389,107 shares of the technology company’s stock after purchasing an additional 21,707 shares during the quarter. California Public Employees Retirement System owned 0.32% of Avnet worth $15,292,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Cubist Systematic Strategies LLC raised its stake in shares of Avnet by 99.9% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 20,421 shares of the technology company’s stock worth $803,000 after acquiring an additional 10,206 shares in the last quarter. Earnest Partners LLC acquired a new position in Avnet during the 3rd quarter valued at approximately $17,864,000. Janus Henderson Group PLC increased its stake in Avnet by 262.0% during the 3rd quarter. Janus Henderson Group PLC now owns 764,285 shares of the technology company’s stock valued at $30,037,000 after purchasing an additional 553,130 shares in the last quarter. Atlantic Investment Management Inc. increased its stake in Avnet by 19.0% during the 3rd quarter. Atlantic Investment Management Inc. now owns 188,000 shares of the technology company’s stock valued at $7,388,000 after purchasing an additional 30,000 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in Avnet by 2,303.2% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 18,577 shares of the technology company’s stock valued at $730,000 after purchasing an additional 17,804 shares in the last quarter. Institutional investors own 95.95% of the company’s stock.
Shares of Avnet, Inc. (NYSE:AVT) opened at $39.60 on Friday. Avnet, Inc. has a twelve month low of $35.67 and a twelve month high of $48.66. The stock has a market cap of $4,760.00, a price-to-earnings ratio of 19.80, a P/E/G ratio of 1.30 and a beta of 1.09. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The company’s revenue was up 13.2% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. analysts anticipate that Avnet, Inc. will post 3.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.82%. The ex-dividend date was Tuesday, December 5th. Avnet’s payout ratio is 36.00%.
Avnet declared that its board has authorized a stock buyback program on Friday, November 10th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
A number of research analysts have issued reports on AVT shares. TheStreet upgraded shares of Avnet from a “c” rating to a “b-” rating in a research note on Friday, November 10th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, October 10th. Stifel Nicolaus increased their price objective on shares of Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Finally, Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $40.29.
In related news, CEO Amelio J. William acquired 3,000 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were acquired at an average cost of $39.16 per share, with a total value of $117,480.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.65% of the company’s stock.
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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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