Goldman Sachs Group Inc. lowered its stake in Avnet, Inc. (NYSE:AVT) by 0.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,670,643 shares of the technology company’s stock after selling 14,570 shares during the quarter. Goldman Sachs Group Inc. owned about 2.23% of Avnet worth $105,811,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Toronto Dominion Bank lifted its stake in Avnet by 37.4% in the fourth quarter. Toronto Dominion Bank now owns 7,253 shares of the technology company’s stock valued at $287,000 after buying an additional 1,974 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in Avnet by 1.0% during the third quarter. Asset Management One Co. Ltd. now owns 203,988 shares of the technology company’s stock worth $8,020,000 after buying an additional 2,000 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Avnet by 11.3% during the third quarter. Pacer Advisors Inc. now owns 22,045 shares of the technology company’s stock worth $866,000 after buying an additional 2,245 shares during the last quarter. Commonwealth Bank of Australia increased its holdings in Avnet by 4.8% during the third quarter. Commonwealth Bank of Australia now owns 54,686 shares of the technology company’s stock worth $2,145,000 after buying an additional 2,500 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Avnet by 10.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,212 shares of the technology company’s stock valued at $1,069,000 after purchasing an additional 2,534 shares during the last quarter. 96.38% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total transaction of $61,452.37. Following the completion of the sale, the insider now owns 5,354 shares of the company’s stock, valued at $217,747.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $42.00, for a total transaction of $600,264.00. Following the sale, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
Avnet (NYSE:AVT) last released its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.06. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The business had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same period in the prior year, the company posted $0.77 earnings per share. Avnet’s revenue was up 5.8% compared to the same quarter last year. research analysts anticipate that Avnet, Inc. will post 3.47 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be given a dividend of $0.19 per share. This is a boost from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, March 12th. This represents a $0.76 annualized dividend and a yield of 1.72%. Avnet’s dividend payout ratio is currently 21.05%.
Several equities analysts have commented on the stock. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Longbow Research upgraded shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a report on Friday, January 5th. Pivotal Research began coverage on shares of Avnet in a research note on Tuesday, February 13th. They issued a “hold” rating and a $44.00 price target on the stock. Finally, Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $40.13.
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.
Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.