Northwestern Mutual Investment Management Company LLC lessened its position in Avnet, Inc. (NYSE:AVT) by 0.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 22,188 shares of the technology company’s stock after selling 25 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Avnet were worth $899,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Avnet by 1.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,313 shares of the technology company’s stock valued at $14,514,000 after buying an additional 4,083 shares during the last quarter. Bank of Hawaii lifted its holdings in Avnet by 1.5% during the first quarter. Bank of Hawaii now owns 15,945 shares of the technology company’s stock worth $730,000 after acquiring an additional 229 shares during the period. Caxton Associates LP bought a new stake in Avnet during the first quarter worth $563,000. Capstone Asset Management Co. lifted its holdings in Avnet by 5.0% during the second quarter. Capstone Asset Management Co. now owns 18,216 shares of the technology company’s stock worth $708,000 after acquiring an additional 866 shares during the period. Finally, Bellwether Investment Group LLC lifted its holdings in Avnet by 16.1% during the first quarter. Bellwether Investment Group LLC now owns 5,310 shares of the technology company’s stock worth $243,000 after acquiring an additional 735 shares during the period. 96.22% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on AVT. BidaskClub lowered Avnet from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine lowered Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Deutsche Bank AG restated a “hold” rating and issued a $39.00 target price (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a strong buy rating to the company. Avnet has a consensus rating of “Hold” and an average price target of $41.71.
Avnet, Inc. (AVT) opened at 38.87 on Friday. The company’s 50-day moving average price is $37.60 and its 200 day moving average price is $39.85. The stock has a market capitalization of $4.78 billion, a PE ratio of 9.51 and a beta of 1.03. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same quarter last year, the company posted $0.86 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. Equities analysts forecast that Avnet, Inc. will post $3.26 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.85%. Avnet’s payout ratio is 17.69%.
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In other news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the sale, the director now directly owns 12,191 shares in the company, valued at approximately $452,286.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.47% of the stock is currently owned by company insiders.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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