Assenagon Asset Management S.A. grew its stake in Avnet, Inc. (NASDAQ:AVT – Free Report) by 8.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,548 shares of the company’s stock after buying an additional 4,076 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Avnet worth $2,375,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVT. Ronald Blue Trust Inc. boosted its stake in shares of Avnet by 51.3% in the 1st quarter. Ronald Blue Trust Inc. now owns 6,169 shares of the company’s stock valued at $256,000 after purchasing an additional 2,092 shares in the last quarter. AE Wealth Management LLC boosted its stake in shares of Avnet by 3.1% in the 1st quarter. AE Wealth Management LLC now owns 16,826 shares of the company’s stock valued at $761,000 after purchasing an additional 513 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Avnet by 2.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 79,467 shares of the company’s stock valued at $3,592,000 after purchasing an additional 1,935 shares in the last quarter. Paragon Capital Management Ltd purchased a new stake in shares of Avnet in the 1st quarter valued at $209,000. Finally, SummerHaven Investment Management LLC boosted its position in Avnet by 2.1% during the 1st quarter. SummerHaven Investment Management LLC now owns 18,184 shares of the company’s stock valued at $822,000 after buying an additional 379 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.
Analysts Set New Price Targets
Separately, StockNews.com began coverage on shares of Avnet in a research report on Thursday, May 18th. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $44.00.
Avnet Stock Down 0.9 %
Avnet (NASDAQ:AVT – Free Report) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.78 by $0.22. Avnet had a net margin of 3.27% and a return on equity of 17.71%. The business had revenue of $6.50 billion during the quarter, compared to analyst estimates of $6.31 billion. During the same period in the prior year, the business earned $2.15 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. Equities analysts expect that Avnet, Inc. will post 7.63 earnings per share for the current year.
Avnet Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 21st. Shareholders of record on Wednesday, June 7th were issued a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, June 6th. This represents a $1.16 annualized dividend and a yield of 2.35%. Avnet’s dividend payout ratio (DPR) is presently 12.75%.
Insiders Place Their Bets
In related news, CEO Philip R. Gallagher sold 32,740 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $41.35, for a total value of $1,353,799.00. Following the completion of the transaction, the chief executive officer now directly owns 176,334 shares in the company, valued at approximately $7,291,410.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Philip R. Gallagher sold 32,740 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $41.35, for a total value of $1,353,799.00. Following the completion of the transaction, the chief executive officer now directly owns 176,334 shares in the company, valued at approximately $7,291,410.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James A. Lawrence sold 72,851 shares of the stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $41.69, for a total transaction of $3,037,158.19. Following the completion of the transaction, the director now owns 15,100 shares of the company’s stock, valued at $629,519. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
About Avnet
Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.
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