People s United Financial Inc. grew its holdings in shares of Avnet (NYSE:AVT) by 5.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,433 shares of the technology company’s stock after acquiring an additional 1,615 shares during the period. People s United Financial Inc.’s holdings in Avnet were worth $1,452,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in AVT. JPMorgan Chase & Co. grew its stake in Avnet by 14.3% in the third quarter. JPMorgan Chase & Co. now owns 434,806 shares of the technology company’s stock worth $19,468,000 after purchasing an additional 54,489 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Avnet by 794.7% in the third quarter. Tower Research Capital LLC TRC now owns 10,316 shares of the technology company’s stock worth $462,000 after purchasing an additional 9,163 shares in the last quarter. GSA Capital Partners LLP grew its stake in Avnet by 87.0% in the third quarter. GSA Capital Partners LLP now owns 59,058 shares of the technology company’s stock worth $2,644,000 after purchasing an additional 27,478 shares in the last quarter. Franklin Resources Inc. acquired a new position in Avnet in the third quarter worth about $360,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new position in Avnet in the third quarter worth about $206,000. Institutional investors own 96.44% of the company’s stock.
Shares of NYSE AVT opened at $41.99 on Friday. Avnet has a 52-week low of $37.11 and a 52-week high of $49.40.
Avnet declared that its Board of Directors has initiated a share buyback program on Wednesday, August 29th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, December 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.91%.
In other Avnet news, insider Philip R. Gallagher sold 24,068 shares of the firm’s stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $43.18, for a total value of $1,039,256.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $47.99, for a total transaction of $721,001.76. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.
A number of research firms recently commented on AVT. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Citigroup upgraded Avnet from a “sell” rating to a “neutral” rating in a research note on Friday, October 26th. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Finally, Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Avnet 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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