Hsbc Holdings PLC lessened its position in Avnet (NYSE:AVT) by 7.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 134,304 shares of the technology company’s stock after selling 10,907 shares during the quarter. Hsbc Holdings PLC owned approximately 0.12% of Avnet worth $6,013,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Avnet in the 3rd quarter valued at approximately $206,000. CHICAGO TRUST Co NA acquired a new position in Avnet in the 3rd quarter valued at approximately $207,000. CIBC World Markets Inc. acquired a new position in Avnet in the 2nd quarter valued at approximately $201,000. Jane Street Group LLC acquired a new position in Avnet in the 2nd quarter valued at approximately $210,000. Finally, Fosun International Ltd acquired a new position in Avnet in the 3rd quarter valued at approximately $223,000. Institutional investors and hedge funds own 96.44% of the company’s stock.
Shares of AVT opened at $41.99 on Friday. Avnet has a 12 month low of $37.11 and a 12 month high of $49.40.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 25th. The technology company reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.02. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.03 billion.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Wednesday, December 5th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.91%.
Avnet announced that its board has initiated a stock buyback program on Wednesday, August 29th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
AVT has been the topic of several research reports. Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and upped their price objective for the company from $44.00 to $55.00 in a research note on Friday, August 10th. TheStreet lowered shares of Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Finally, Citigroup upgraded shares of Avnet from a “sell” rating to a “neutral” rating in a research note on Friday, October 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.67.
In other news, insider Philip R. Gallagher sold 24,068 shares of the stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $43.18, for a total transaction of $1,039,256.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Maryann G. Miller sold 15,024 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $47.99, for a total transaction of $721,001.76. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
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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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