BlackRock Inc. reduced its stake in Avnet (NYSE:AVT) by 0.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,770,370 shares of the technology company’s stock after selling 36,785 shares during the quarter. BlackRock Inc. owned about 10.32% of Avnet worth $526,958,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. CIBC World Markets Inc. acquired a new position in shares of Avnet in the second quarter worth approximately $201,000. CHICAGO TRUST Co NA bought a new stake in Avnet in the third quarter worth approximately $207,000. Jane Street Group LLC bought a new stake in Avnet in the second quarter worth approximately $210,000. Fosun International Ltd bought a new stake in Avnet in the third quarter worth approximately $223,000. Finally, Andesa Financial Management Inc. bought a new stake in Avnet in the third quarter worth approximately $258,000. 96.44% of the stock is currently owned by institutional investors.
AVT has been the subject 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. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $44.00 to $55.00 in a report on Friday, August 10th. Citigroup upgraded Avnet from a “sell” rating to a “neutral” rating in a report on Friday, October 26th. Finally, TheStreet downgraded Avnet from a “b” rating to a “c” rating in a report on Wednesday, October 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $45.67.
In other news, insider Philip R. Gallagher sold 24,068 shares of the business’s stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $43.18, for a total transaction of $1,039,256.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Maryann G. Miller sold 15,024 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.
Shares of AVT stock opened at $41.99 on Friday. Avnet has a fifty-two week low of $37.11 and a fifty-two week 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, topping the Zacks’ consensus estimate of $1.01 by $0.02. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.03 billion.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Wednesday, December 5th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, December 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.91%.
Avnet announced that its board has approved a stock buyback plan on Wednesday, August 29th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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