Mutual of America Capital Management LLC decreased its stake in shares of Avnet (NYSE:AVT) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 128,542 shares of the technology company’s stock after selling 2,071 shares during the period. Mutual of America Capital Management LLC owned about 0.11% of Avnet worth $5,755,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of AVT. Janus Henderson Group PLC raised its stake in Avnet by 42.1% during the second quarter. Janus Henderson Group PLC now owns 2,987,471 shares of the technology company’s stock worth $128,133,000 after acquiring an additional 885,004 shares during the period. FMR LLC raised its stake in Avnet by 17.4% during the third quarter. FMR LLC now owns 3,402,524 shares of the technology company’s stock worth $152,331,000 after acquiring an additional 505,237 shares during the period. LSV Asset Management raised its stake in Avnet by 28.8% during the third quarter. LSV Asset Management now owns 1,827,175 shares of the technology company’s stock worth $81,802,000 after acquiring an additional 408,507 shares during the period. Honeywell International Inc. acquired a new stake in Avnet during the third quarter worth about $8,967,000. Finally, WINTON GROUP Ltd acquired a new stake in Avnet during the third quarter worth about $7,631,000. 96.44% of the stock is currently owned by institutional investors and hedge funds.
In other Avnet news, insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Philip R. Gallagher sold 24,068 shares of the firm’s stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $43.18, for a total transaction of $1,039,256.24. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by company insiders.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 25th. The technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $1.01 by $0.02. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.03 billion.
Avnet declared that its board has approved a share buyback plan on Wednesday, August 29th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, December 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.91%.
Several research firms recently weighed in on AVT. TheStreet lowered shares of Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Citigroup upgraded shares of Avnet from a “sell” rating to a “neutral” rating in a research note on Friday, October 26th. Finally, Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $45.67.
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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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