Robotti Robert Sells 1,500 Shares of Avnet, Inc. (AVT)
Robotti Robert lowered its stake in shares of Avnet, Inc. (NYSE:AVT) by 17.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,000 shares of the technology company’s stock after selling 1,500 shares during the quarter. Robotti Robert’s holdings in Avnet were worth $277,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the company. Brookstone Capital Management increased its position in shares of Avnet by 17.0% during the third quarter. Brookstone Capital Management now owns 8,760 shares of the technology company’s stock worth $344,000 after acquiring an additional 1,275 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Avnet by 1.0% during the third quarter. Asset Management One Co. Ltd. now owns 203,988 shares of the technology company’s stock worth $8,020,000 after acquiring an additional 2,000 shares during the period. Pacer Advisors Inc. increased its position in shares of Avnet by 11.3% during the third quarter. Pacer Advisors Inc. now owns 22,045 shares of the technology company’s stock worth $866,000 after acquiring an additional 2,245 shares during the period. Commonwealth Bank of Australia increased its position in shares of Avnet by 4.8% during the third quarter. Commonwealth Bank of Australia now owns 54,686 shares of the technology company’s stock worth $2,145,000 after acquiring an additional 2,500 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avnet by 10.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,212 shares of the technology company’s stock worth $1,069,000 after acquiring an additional 2,534 shares during the period. 97.15% of the stock is currently owned by institutional investors and hedge funds.
In other Avnet news, CEO Amelio J. William bought 3,000 shares of Avnet stock in a transaction dated Friday, December 8th. The stock was acquired at an average cost of $39.16 per share, with a total value of $117,480.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.65% of the stock is currently owned by corporate insiders.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.06. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The company had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Avnet’s revenue for the quarter was up 5.8% on a year-over-year basis. equities research analysts forecast that Avnet, Inc. will post 3.48 EPS for the current fiscal year.
Avnet announced that its Board of Directors has approved a share repurchase plan on Friday, November 10th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Stockholders of record on Tuesday, March 13th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.86%. This is a boost from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, March 12th. Avnet’s dividend payout ratio is presently 19.94%.
A number of equities analysts recently commented on the stock. Pivotal Research assumed coverage on shares of Avnet in a research note on Tuesday. They set a “hold” rating and a $44.00 target price for the company. Citigroup boosted their target price on shares of Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 target price for the company in a research note on Friday, January 5th. Longbow Research upgraded shares of Avnet from a “neutral” rating to a “buy” rating in a research note on Friday, January 19th. Finally, ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $40.13.
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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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