California Public Employees Retirement System increased its stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 7.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 391,110 shares of the company’s stock after buying an additional 26,972 shares during the quarter. California Public Employees Retirement System owned about 0.43% of Avnet worth $16,262,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Lazard Asset Management LLC lifted its position in shares of Avnet by 106.9% during the third quarter. Lazard Asset Management LLC now owns 3,072 shares of the company’s stock worth $110,000 after purchasing an additional 1,587 shares during the last quarter. ARGA Investment Management LP raised its holdings in shares of Avnet by 2.3% in the third quarter. ARGA Investment Management LP now owns 769,270 shares of the company’s stock valued at $27,786,000 after acquiring an additional 17,475 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Avnet by 52.9% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,757 shares of the company’s stock valued at $497,000 after acquiring an additional 4,758 shares in the last quarter. MQS Management LLC bought a new stake in shares of Avnet in the third quarter valued at about $369,000. Finally, First Hawaiian Bank grew its stake in Avnet by 22.9% in the fourth quarter. First Hawaiian Bank now owns 37,891 shares of the company’s stock valued at $1,576,000 after purchasing an additional 7,066 shares during the last quarter. 97.11% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Avnet
In other news, Director James A. Lawrence sold 72,851 shares of the company’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $41.69, for a total value of $3,037,158.19. Following the completion of the sale, the director now owns 15,100 shares of the company’s stock, valued at $629,519. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is owned by company insiders.
Avnet Stock Performance
Avnet (NASDAQ:AVT – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.22. Avnet had a return on equity of 17.71% and a net margin of 3.27%. The firm had revenue of $6.50 billion during the quarter, compared to analysts’ expectations of $6.31 billion. During the same period in the previous year, the firm posted $2.15 earnings per share. Avnet’s revenue was up .2% on a year-over-year basis. Sell-side analysts forecast that Avnet, Inc. will post 7.42 earnings per share for the current fiscal year.
Avnet Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Tuesday, February 28th. Avnet’s dividend payout ratio (DPR) is presently 12.75%.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on AVT. StockNews.com began coverage on Avnet in a research note on Thursday, March 16th. They set a “hold” rating on the stock. JPMorgan Chase & Co. increased their target price on Avnet from $45.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday, February 2nd. Citigroup increased their price objective on Avnet from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, February 2nd. Finally, Wells Fargo & Company increased their price objective on Avnet from $35.00 to $38.00 and gave the company an “underweight” rating in a report on Thursday, February 2nd. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, Avnet presently has an average rating of “Hold” and an average target price of $44.00.
Avnet Company Profile
Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.
Read More
- Get a free copy of the StockNews.com research report on Avnet (AVT)
- MarketBeat Week in Review – 5/8 – 5/12
- An Updraft Is Brewing For DraftKings
- PepsiCo Hits “Sweet Spot” For APAC Growth, Macros Agree
- High-Risk Mullen Automotive Continues To Build Momentum
- 3 Recession-Proof Stocks With Nice Dividends
Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.
