California Public Employees Retirement System grew its position in Avnet (NYSE:AVT) by 12.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 260,666 shares of the technology company’s stock after acquiring an additional 29,299 shares during the period. California Public Employees Retirement System owned about 0.26% of Avnet worth $11,596,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of AVT. Jacobs Levy Equity Management Inc. grew its stake in Avnet by 6.8% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 390,185 shares of the technology company’s stock valued at $17,664,000 after acquiring an additional 24,760 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Avnet by 20.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 143,854 shares of the technology company’s stock worth $6,400,000 after acquiring an additional 24,285 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Avnet by 35.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 503,338 shares of the technology company’s stock worth $22,545,000 after acquiring an additional 132,741 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Avnet in the 2nd quarter worth approximately $1,145,000. Finally, World Asset Management Inc lifted its holdings in shares of Avnet by 6.2% in the 3rd quarter. World Asset Management Inc now owns 12,633 shares of the technology company’s stock worth $562,000 after acquiring an additional 733 shares during the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.
Several brokerages have recently commented on AVT. Bank of America lowered shares of Avnet from a “buy” rating to a “neutral” rating and set a $44.00 price objective on the stock. in a report on Friday, October 25th. Longbow Research lowered shares of Avnet from a “buy” rating to a “neutral” rating in a report on Friday, October 4th. SunTrust Banks lowered shares of Avnet from a “hold” rating to a “sell” rating and reduced their target price for the stock from $39.00 to $35.00 in a report on Friday, October 25th. TheStreet lowered shares of Avnet from a “b” rating to a “c+” rating in a report on Thursday, August 8th. Finally, Raymond James set a $45.00 price objective on shares of Avnet and gave the company a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $43.50.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 24th. The technology company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.05). The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. The business’s revenue was down 9.0% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Wednesday, December 4th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Tuesday, December 3rd.
Avnet declared that its Board of Directors has authorized a share repurchase plan on Monday, August 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 11% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, Director William H. Schumann sold 13,288 shares of Avnet stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total transaction of $595,036.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Philip R. Gallagher sold 24,184 shares of Avnet stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the sale, the president now owns 51,878 shares of the company’s stock, valued at $2,279,519.32. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by company insiders.
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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