State Board of Administration of Florida Retirement System lessened its position in Avnet, Inc. (NASDAQ:AVT) by 7.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 125,512 shares of the company’s stock after selling 9,930 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.13% of Avnet worth $5,031,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TCW Group Inc. raised its stake in Avnet by 47.3% during the second quarter. TCW Group Inc. now owns 52,457 shares of the company’s stock valued at $2,102,000 after buying an additional 16,843 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Avnet by 44.7% during the second quarter. Envestnet Asset Management Inc. now owns 43,849 shares of the company’s stock valued at $1,757,000 after buying an additional 13,539 shares during the last quarter. Moody Aldrich Partners LLC purchased a new position in Avnet during the first quarter valued at $778,000. Bank of Montreal Can raised its stake in Avnet by 0.4% during the first quarter. Bank of Montreal Can now owns 425,981 shares of the company’s stock valued at $18,368,000 after buying an additional 1,760 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Avnet by 22.2% during the first quarter. Teacher Retirement System of Texas now owns 11,114 shares of the company’s stock valued at $461,000 after buying an additional 2,019 shares during the last quarter. Institutional investors own 94.89% of the company’s stock.
In related news, VP Elizabeth Mcmullen sold 3,251 shares of Avnet stock in a transaction on Monday, September 13th. The stock was sold at an average price of $38.47, for a total value of $125,065.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.10% of the company’s stock.
Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Tuesday, August 10th. The company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.27. Avnet had a return on equity of 6.91% and a net margin of 0.99%. The company had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. Analysts expect that Avnet, Inc. will post 4.4 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 21st. Investors of record on Tuesday, September 7th were issued a $0.24 dividend. The ex-dividend date was Friday, September 3rd. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. This is a positive change from Avnet’s previous quarterly dividend of $0.22. Avnet’s payout ratio is presently 35.42%.
A number of analysts have commented on AVT shares. Raymond James lifted their target price on Avnet from $50.00 to $52.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 12th. TheStreet lowered Avnet from a “b” rating to a “c+” rating in a report on Wednesday, August 11th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Avnet presently has a consensus rating of “Buy” and a consensus price target of $39.25.
Avnet Company Profile
Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronics Components and Farnell segments. The Electronics Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment involves in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.
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