AMP Capital Investors Ltd Has $6.86 Million Stake in Avnet (AVT)

AMP Capital Investors Ltd decreased its holdings in shares of Avnet (NYSE:AVT) by 25.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 153,619 shares of the technology company’s stock after selling 51,479 shares during the quarter. AMP Capital Investors Ltd owned about 0.13% of Avnet worth $6,858,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of AVT. Cornerstone Wealth Management LLC acquired a new stake in shares of Avnet during the second quarter worth $343,000. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Avnet by 18.8% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 113,582 shares of the technology company’s stock worth $4,872,000 after purchasing an additional 17,950 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Avnet by 9.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 408,509 shares of the technology company’s stock worth $17,521,000 after purchasing an additional 36,765 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Avnet by 6.0% during the second quarter. Wells Fargo & Company MN now owns 876,035 shares of the technology company’s stock worth $37,573,000 after purchasing an additional 49,803 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Avnet by 4.4% during the second quarter. First Trust Advisors LP now owns 869,574 shares of the technology company’s stock worth $37,296,000 after purchasing an additional 36,448 shares during the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.

AVT has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a report on Monday, October 29th. TheStreet cut Avnet from a “b” rating to a “c” rating in a report on Wednesday, October 10th. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and lifted their target price for the company from $44.00 to $55.00 in a report on Friday, August 10th. Finally, Citigroup upgraded Avnet from a “sell” rating to a “neutral” rating in a report on Friday, October 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $45.67.

In other Avnet news, insider Maryann G. Miller sold 15,024 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Philip R. Gallagher sold 24,068 shares of the business’s stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $43.18, for a total value of $1,039,256.24. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by company insiders.

Shares of Avnet stock opened at $41.99 on Friday. Avnet has a twelve month low of $37.11 and a twelve month high of $49.40.

Avnet (NYSE:AVT) last issued its earnings results on Thursday, October 25th. The technology company reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.03 billion.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Wednesday, December 5th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date is Tuesday, December 4th.

Avnet declared that its Board of Directors has approved a share buyback program on Wednesday, August 29th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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Avnet Company Profile

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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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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