Mutual of America Capital Management LLC trimmed its position in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 9.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 81,713 shares of the company’s stock after selling 8,535 shares during the period. Mutual of America Capital Management LLC’s holdings in Avnet were worth $3,504,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Avnet by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company’s stock worth $438,893,000 after purchasing an additional 49,576 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Avnet by 10.1% during the first quarter. Dimensional Fund Advisors LP now owns 4,670,372 shares of the company’s stock valued at $189,576,000 after buying an additional 427,011 shares during the period. Victory Capital Management Inc. grew its position in Avnet by 6.0% during the first quarter. Victory Capital Management Inc. now owns 2,841,528 shares of the company’s stock worth $115,486,000 after buying an additional 160,391 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Avnet by 14.7% in the 1st 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 during the last quarter. Finally, LSV Asset Management raised its holdings in shares of Avnet by 8.5% in the 1st quarter. LSV Asset Management now owns 1,457,334 shares of the company’s stock valued at $59,153,000 after acquiring an additional 114,522 shares in the last quarter. 98.89% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts recently weighed in on AVT shares. Wells Fargo & Company cut shares of Avnet from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $45.00 to $35.00 in a research report on Friday, September 16th. StockNews.com lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Finally, Stifel Nicolaus dropped their price objective on shares of Avnet from $48.00 to $42.00 and set a “hold” rating for the company in a report on Monday, October 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.86.
Avnet Price Performance
Avnet (NASDAQ:AVT – Get Rating) last released its quarterly earnings data on Wednesday, October 26th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.91 by $0.09. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.36 billion. Avnet had a return on equity of 18.23% and a net margin of 3.00%. The company’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. Research analysts predict that Avnet, Inc. will post 6.97 earnings per share for the current year.
Avnet Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Tuesday, December 6th. Avnet’s dividend payout ratio is 14.91%.
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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