Kevin M. Moriarty Acquires 6,933 Shares of Avnet, Inc. (AVT) Stock
Avnet, Inc. (NYSE:AVT) CFO Kevin M. Moriarty bought 6,933 shares of the stock in a transaction dated Thursday, May 18th. The stock was bought at an average cost of $36.08 per share, with a total value of $250,142.64. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, April 27th. The technology company reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.02. The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.46 billion. Avnet had a net margin of 1.88% and a return on equity of 9.80%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 19th. Shareholders of record on Tuesday, June 6th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, June 2nd. Avnet’s payout ratio is currently 22.59%.
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A number of equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Avnet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 2nd. Deutsche Bank AG reaffirmed a “hold” rating and set a $40.00 price target (down previously from $47.00) on shares of Avnet in a research report on Saturday, April 29th. Citigroup Inc reaffirmed a “sell” rating and set a $31.00 price target on shares of Avnet in a research report on Friday, April 28th. Longbow Research lowered Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Finally, SunTrust Banks, Inc. lowered Avnet from a “buy” rating to a “hold” rating and lowered their price target for the company from $53.00 to $39.00 in a research report on Friday, April 28th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the stock. Avnet has a consensus rating of “Hold” and a consensus price target of $42.50.
Hedge funds have recently made changes to their positions in the company. Dynamic Capital Management Ltd purchased a new stake in shares of Avnet during the third quarter valued at about $4,462,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Avnet by 109.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,225 shares of the technology company’s stock valued at $995,000 after buying an additional 12,670 shares during the last quarter. Zweig DiMenna Associates LLC purchased a new stake in shares of Avnet during the third quarter valued at about $386,000. Morgan Stanley increased its stake in shares of Avnet by 13.4% in the third quarter. Morgan Stanley now owns 858,252 shares of the technology company’s stock valued at $35,239,000 after buying an additional 101,511 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Avnet by 1.0% in the third quarter. Northern Trust Corp now owns 1,304,080 shares of the technology company’s stock valued at $53,544,000 after buying an additional 12,294 shares during the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.
Avnet Company Profile
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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