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.