Mitsubishi UFJ Trust & Banking Corp Lowers Stake in Avnet, Inc. (NASDAQ:AVT)

Mitsubishi UFJ Trust & Banking Corp decreased its stake in Avnet, Inc. (NASDAQ:AVTGet Rating) by 17.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,504 shares of the company’s stock after selling 10,603 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Avnet were worth $2,166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of AVT. Dimensional Fund Advisors LP boosted its position in shares of Avnet by 10.1% in the first quarter. Dimensional Fund Advisors LP now owns 4,670,372 shares of the company’s stock worth $189,576,000 after buying an additional 427,011 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Avnet by 157.4% in the second quarter. Los Angeles Capital Management LLC now owns 663,608 shares of the company’s stock worth $28,456,000 after acquiring an additional 405,817 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Avnet by 14.7% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,885,119 shares of the company’s stock worth $76,517,000 after acquiring an additional 241,551 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Avnet by 72.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 522,940 shares of the company’s stock worth $22,424,000 after acquiring an additional 219,184 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Avnet by 6.0% in the first quarter. Victory Capital Management Inc. now owns 2,841,528 shares of the company’s stock worth $115,486,000 after acquiring an additional 160,391 shares in the last quarter. Hedge funds and other institutional investors own 98.89% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on AVT shares. Wells Fargo & Company cut Avnet from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $45.00 to $35.00 in a research note on Friday, September 16th. Stifel Nicolaus cut their price objective on Avnet from $48.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, October 10th. Finally, StockNews.com cut Avnet from a “buy” rating to a “hold” rating in a research note on Friday, October 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $44.86.

Avnet Stock Up 0.1 %

Shares of Avnet stock opened at $44.21 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.45. The business’s 50 day simple moving average is $39.84 and its 200-day simple moving average is $42.38. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.26 and a beta of 1.32. Avnet, Inc. has a twelve month low of $35.45 and a twelve month high of $50.19.

Avnet (NASDAQ:AVTGet Rating) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.09. The business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.36 billion. Avnet had a return on equity of 18.23% and a net margin of 3.00%. The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 EPS. Equities research analysts forecast that Avnet, Inc. will post 6.97 earnings per share for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Tuesday, December 6th. Avnet’s payout ratio is 14.91%.

About Avnet

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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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