Aberdeen Asset Management PLC UK lifted its holdings in shares of Avnet, Inc. (NYSE:AVT) by 94.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,705 shares of the technology company’s stock after buying an additional 18,279 shares during the period. Aberdeen Asset Management PLC UK’s holdings in Avnet were worth $1,466,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Louisiana State Employees Retirement System boosted its position in shares of Avnet by 0.3% during 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 during the period. Point View Wealth Management Inc. boosted its position in shares of Avnet by 0.5% during 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 during the period. World Asset Management Inc boosted its position in shares of Avnet by 2.2% during 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 during the period. Bank of Hawaii boosted its position in shares of Avnet by 1.5% during 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 during the period. Finally, Weaver C. Barksdale & Associates Inc. boosted its position in shares of Avnet by 11.2% during 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 during the period. Institutional investors and hedge funds own 96.22% of the company’s stock.
Several equities analysts have recently issued reports on AVT shares. Bank of America Corporation downgraded Avnet from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. ValuEngine downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $39.00 price objective (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 issued a hold rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $42.11.
In other news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.47% of the stock is owned by corporate insiders.
Shares of Avnet, Inc. (AVT) opened at 38.79 on Wednesday. The company has a market cap of $4.77 billion, a PE ratio of 9.49 and a beta of 1.03. The company’s 50-day moving average price is $37.60 and its 200 day moving average price is $39.85. Avnet, Inc. has a one year low of $35.67 and a one year high of $51.50.
Avnet (NYSE:AVT) last released its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating 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 business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. During the same period in the prior year, the firm earned $0.86 earnings per share. Avnet’s revenue was up 16.0% compared to the same quarter last year. Equities analysts forecast that Avnet, Inc. will post $3.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.86%. Avnet’s dividend payout ratio (DPR) is currently 17.69%.
WARNING: This article was originally published by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this article on another publication, it was copied illegally and reposted in violation of United States & international copyright and trademark legislation. The legal version of this article can be viewed at https://www.chaffeybreeze.com/2017/09/20/aberdeen-asset-management-plc-uk-has-1-47-million-stake-in-avnet-inc-avt.html.
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.
Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet, Inc. (NYSE:AVT).
Receive News & Ratings for Avnet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.