Insider Selling: Avnet, Inc. (AVT) Director Sells 10,600 Shares of Stock
Avnet, Inc. (NYSE:AVT) Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 12,191 shares of the company’s stock, valued at $452,286.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Avnet, Inc. (NYSE:AVT) traded down 1.94% on Thursday, hitting $36.81. The stock had a trading volume of 820,896 shares. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 9.01 and a beta of 1.04. The company has a 50-day moving average of $38.68 and a 200 day moving average of $41.39. Avnet, Inc. has a 52 week low of $35.96 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 Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. Avnet’s revenue was up 16.0% on a year-over-year basis. During the same period last year, the business posted $0.86 earnings per share. On average, equities research analysts predict that Avnet, Inc. will post $3.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, September 1st. Avnet’s payout ratio is 17.69%.
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A number of institutional investors have recently made changes to their positions in AVT. Breton Hill Capital Ltd. raised its position in shares of Avnet by 10.1% in the first quarter. Breton Hill Capital Ltd. now owns 15,887 shares of the technology company’s stock valued at $727,000 after buying an additional 1,461 shares during the period. Russell Investments Group Ltd. raised its position in shares of Avnet by 7.2% in the first quarter. Russell Investments Group Ltd. now owns 995,983 shares of the technology company’s stock valued at $45,577,000 after buying an additional 66,581 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Avnet by 27.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,520 shares of the technology company’s stock valued at $710,000 after buying an additional 3,322 shares during the period. Speece Thorson Capital Group Inc. raised its position in shares of Avnet by 3.0% in the first quarter. Speece Thorson Capital Group Inc. now owns 226,467 shares of the technology company’s stock valued at $10,363,000 after buying an additional 6,518 shares during the period. Finally, Nationwide Fund Advisors raised its position in shares of Avnet by 4.8% in the first quarter. Nationwide Fund Advisors now owns 357,316 shares of the technology company’s stock valued at $16,351,000 after buying an additional 16,399 shares during the period. 97.67% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on AVT. SunTrust Banks, Inc. downgraded Avnet from a “buy” rating to a “hold” rating and reduced their target price for the stock from $53.00 to $39.00 in a research note on Friday, April 28th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Citigroup Inc. reiterated a “sell” rating and set a $31.00 target price on shares of Avnet in a research note on Friday, April 28th. Deutsche Bank AG reiterated a “hold” rating and set a $40.00 target price (down from $47.00) on shares of Avnet in a research note on Saturday, April 29th. Finally, Zacks Investment Research downgraded Avnet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 2nd. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $42.11.
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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