Regentatlantic Capital LLC trimmed its holdings in Avnet (NYSE:AVT) by 11.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,129 shares of the technology company’s stock after selling 4,962 shares during the period. Regentatlantic Capital LLC’s holdings in Avnet were worth $1,785,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Wealthcare Advisory Partners LLC lifted its stake in shares of Avnet by 1,687.2% in the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock worth $32,000 after buying an additional 658 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Avnet in the third quarter worth $38,000. Advisory Services Network LLC lifted its stake in shares of Avnet by 1,178.9% in the first quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock worth $40,000 after buying an additional 837 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in Avnet during the 2nd quarter valued at $74,000. Finally, US Bancorp DE raised its stake in Avnet by 39.2% during the 2nd quarter. US Bancorp DE now owns 2,888 shares of the technology company’s stock valued at $131,000 after purchasing an additional 813 shares during the last quarter. 96.44% of the stock is owned by institutional investors.
NYSE:AVT traded down $0.41 during trading hours on Wednesday, hitting $40.96. 921,224 shares of the company traded hands, compared to its average volume of 747,253. The firm has a 50-day moving average of $42.63 and a 200 day moving average of $43.63. Avnet has a twelve month low of $33.55 and a twelve month high of $49.03.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.05). The business had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.61 billion. Avnet’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 earnings per share.
Avnet announced that its board has authorized a stock buyback program on Monday, August 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 11% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Tuesday, September 10th. This is a positive change from Avnet’s previous quarterly dividend of $0.20.
In other news, Director William H. Schumann sold 13,288 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total value of $595,036.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Philip R. Gallagher sold 24,184 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the completion of the sale, the president now directly owns 51,878 shares in the company, valued at approximately $2,279,519.32. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.
Several equities analysts recently commented on the stock. SunTrust Banks cut their target price on shares of Avnet to $39.00 and set a “hold” rating for the company in a research note on Monday, August 12th. TheStreet cut shares of Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Raymond James cut their target price on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, August 9th. Bank of America reiterated a “buy” rating and set a $47.00 target price (down from $50.00) on shares of Avnet in a research note on Friday, August 9th. Finally, Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, October 4th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $45.50.
Avnet Company Profile
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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