Trading Report: The Avnet Inc. (AVT) Position Increased by BlackRock Advisors LLC

The Avnet Inc. (AVT) Position Increased by BlackRock Advisors LLC

BlackRock Advisors LLC increased its position in shares of Avnet Inc. (NYSE:AVT) by 12.2% during the second quarter, Holdings Channel reports. The firm owned 181,821 shares of the company’s stock after buying an additional 19,763 shares during the period. BlackRock Advisors LLC owned 0.14% of Avnet worth $7,365,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Weaver C. Barksdale & Associates Inc. increased its stake in shares of Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock worth $118,000 after buying an additional 388 shares in the last quarter. Boston Private Wealth LLC increased its stake in shares of Avnet by 10.8% in the second quarter. Boston Private Wealth LLC now owns 5,475 shares of the company’s stock worth $222,000 after buying an additional 533 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock worth $228,000 after buying an additional 108 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Avnet during the first quarter worth $262,000. Finally, Gerstein Fisher acquired a new stake in shares of Avnet during the second quarter worth $257,000. Institutional investors and hedge funds own 94.79% of the company’s stock.

Avnet Inc. (NYSE:AVT) opened at 41.76 on Thursday. The company has a market capitalization of $5.32 billion, a PE ratio of 10.99 and a beta of 1.27. The stock has a 50 day moving average of $41.18 and a 200 day moving average of $41.38. Avnet Inc. has a 12-month low of $37.10 and a 12-month high of $46.95.

Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The business had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, equities research analysts predict that Avnet Inc. will post $4.25 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, September 2nd. Avnet’s dividend payout ratio is 17.85%.

Several research analysts have commented on the stock. Citigroup Inc. decreased their target price on shares of Avnet from $37.00 to $35.00 and set a “sell” rating for the company in a research report on Thursday, September 22nd. Stifel Nicolaus cut shares of Avnet from a “buy” rating to a “hold” rating and decreased their target price for the stock from $47.00 to $44.00 in a research report on Tuesday, September 20th. Raymond James Financial Inc. upgraded shares of Avnet from an “outperform” rating to a “strong-buy” rating and set a $52.00 target price for the company in a research report on Tuesday, October 4th. SunTrust Banks Inc. restated a “buy” rating on shares of Avnet in a research report on Saturday, June 25th. Finally, Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Friday, July 8th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Avnet presently has an average rating of “Hold” and an average price target of $43.89.

Avnet Company Profile

Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.

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