Artisan Partners Limited Partnership decreased its holdings in Avnet, Inc. (NYSE:AVT) by 3.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,357,449 shares of the technology company’s stock after selling 148,892 shares during the period. Artisan Partners Limited Partnership owned about 3.49% of Avnet worth $169,418,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Louisiana State Employees Retirement System raised its stake in Avnet by 0.3% in the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the technology company’s stock worth $1,267,000 after buying an additional 100 shares in the last quarter. Point View Wealth Management Inc. raised its stake in Avnet by 0.5% in the second quarter. Point View Wealth Management Inc. now owns 30,510 shares of the technology company’s stock worth $1,186,000 after buying an additional 147 shares in the last quarter. World Asset Management Inc raised its stake in Avnet by 2.2% in the first quarter. World Asset Management Inc now owns 10,593 shares of the technology company’s stock worth $485,000 after buying an additional 228 shares in the last quarter. Bank of Hawaii raised its stake in Avnet by 1.5% in the first quarter. Bank of Hawaii now owns 15,945 shares of the technology company’s stock worth $730,000 after buying an additional 229 shares in the last quarter. Finally, Weaver C. Barksdale & Associates Inc. raised its stake in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after buying an additional 262 shares in the last quarter. 96.22% of the stock is owned by institutional investors.
AVT has been the subject of a number of recent research reports. ValuEngine downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $39.00 price target (down from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $42.11.
In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.47% of the company’s stock.
Avnet, Inc. (AVT) traded up 0.18% during midday trading on Monday, reaching $38.83. 41,818 shares of the company’s stock traded hands. Avnet, Inc. has a 1-year low of $35.67 and a 1-year high of $51.50. The firm’s 50 day moving average price is $37.57 and its 200-day moving average price is $40.05. The company has a market capitalization of $4.78 billion, a PE ratio of 9.50 and a beta of 1.03.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.48 billion. During the same period last year, the firm posted $0.86 EPS. Avnet’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities analysts expect that Avnet, Inc. will post $3.26 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.86%. The ex-dividend date was Friday, September 1st. Avnet’s payout ratio is currently 17.69%.
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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