AE Wealth Management LLC raised its position in Avnet, Inc. (NASDAQ:AVT – Free Report) by 3.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,826 shares of the company’s stock after acquiring an additional 513 shares during the period. AE Wealth Management LLC’s holdings in Avnet were worth $761,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its holdings in 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 acquiring an additional 1,935 shares in the last quarter. Paragon Capital Management Ltd acquired a new position in Avnet in the 1st quarter valued at approximately $209,000. SummerHaven Investment Management LLC raised its holdings in Avnet by 2.1% in the 1st quarter. SummerHaven Investment Management LLC now owns 18,184 shares of the company’s stock valued at $822,000 after acquiring an additional 379 shares in the last quarter. Butensky & Cohen Financial Security Inc. acquired a new position in Avnet in the 1st quarter valued at approximately $366,000. Finally, Parsec Financial Management Inc. bought a new stake in shares of Avnet in the 1st quarter valued at approximately $520,000. Institutional investors and hedge funds own 94.28% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, StockNews.com assumed coverage on Avnet in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $44.00.
Avnet Trading Down 0.9 %
Avnet (NASDAQ:AVT – Free Report) last released its quarterly earnings results on Wednesday, May 3rd. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.22. The business had revenue of $6.50 billion for the quarter, compared to analyst estimates of $6.31 billion. Avnet had a return on equity of 17.71% and a net margin of 3.27%. Avnet’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $2.15 EPS. Equities analysts anticipate that Avnet, Inc. will post 7.63 earnings per share for the current fiscal year.
Avnet Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 21st. Investors of record on Wednesday, June 7th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Tuesday, June 6th. This represents a $1.16 dividend on an annualized basis and a yield of 2.35%. Avnet’s dividend payout ratio (DPR) is presently 12.75%.
Insider Buying and Selling
In related news, CEO Philip R. Gallagher sold 32,740 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $41.35, for a total transaction of $1,353,799.00. Following the sale, the chief executive officer now directly owns 176,334 shares in the company, valued at approximately $7,291,410.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Avnet news, Director James A. Lawrence sold 72,851 shares of the stock in a transaction on 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 transaction, the director now directly owns 15,100 shares in the company, valued at approximately $629,519. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Philip R. Gallagher sold 32,740 shares of the stock in a transaction on 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 owns 176,334 shares in the company, valued at $7,291,410.90. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
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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