Avnet, Inc. (NASDAQ:AVT) Stock Position Raised by Verition Fund Management LLC

Verition Fund Management LLC lifted its position in Avnet, Inc. (NASDAQ:AVTGet Rating) by 49.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,425 shares of the company’s stock after acquiring an additional 5,462 shares during the quarter. Verition Fund Management LLC’s holdings in Avnet were worth $667,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Citigroup Inc. lifted its position in Avnet by 22.7% in the 4th quarter. Citigroup Inc. now owns 63,592 shares of the company’s stock worth $2,622,000 after buying an additional 11,780 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Avnet by 262.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,119,812 shares of the company’s stock worth $46,170,000 after buying an additional 810,797 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Avnet by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 880,730 shares of the company’s stock worth $36,313,000 after buying an additional 17,315 shares in the last quarter. Renaissance Technologies LLC lifted its position in Avnet by 92.9% in the 4th quarter. Renaissance Technologies LLC now owns 216,200 shares of the company’s stock worth $8,914,000 after buying an additional 104,100 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Avnet by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 1,348,314 shares of the company’s stock worth $55,590,000 after buying an additional 71,654 shares in the last quarter. Hedge funds and other institutional investors own 98.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVT shares. JPMorgan Chase & Co. started coverage on shares of Avnet in a research note on Thursday, July 14th. They set an “underweight” rating and a $46.00 price target on the stock. Citigroup increased their price target on shares of Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 7th. The Goldman Sachs Group dropped their price target on shares of Avnet from $45.00 to $43.00 in a research note on Friday, July 15th. Wells Fargo & Company lowered shares of Avnet from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $45.00 to $35.00 in a research note on Friday, September 16th. Finally, StockNews.com lowered shares of Avnet from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 11th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.00.

Insider Buying and Selling at Avnet

In other Avnet news, CFO Thomas Liguori sold 24,221 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $43.92, for a total value of $1,063,786.32. Following the completion of the sale, the chief financial officer now directly owns 54,287 shares of the company’s stock, valued at approximately $2,384,285.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Avnet Stock Performance

NASDAQ:AVT opened at $37.01 on Friday. Avnet, Inc. has a 1 year low of $35.71 and a 1 year high of $50.19. The firm’s fifty day simple moving average is $44.12 and its 200 day simple moving average is $44.52. The company has a current ratio of 2.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $3.50 billion, a PE ratio of 5.33, a PEG ratio of 0.22 and a beta of 1.29.

Avnet (NASDAQ:AVTGet Rating) last posted its earnings results on Wednesday, August 10th. The company reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.11. Avnet had a net margin of 2.85% and a return on equity of 16.47%. The business had revenue of $6.37 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same period last year, the business posted $1.12 EPS. Avnet’s revenue was up 21.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Avnet, Inc. will post 6.83 EPS for the current year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This is an increase from Avnet’s previous quarterly dividend of $0.26. This represents a $1.16 dividend on an annualized basis and a yield of 3.13%. Avnet’s dividend payout ratio is 16.69%.

Avnet Company Profile

(Get Rating)

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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