Swiss National Bank Sells 1,500 Shares of Avnet, Inc. (NASDAQ:AVT)

Swiss National Bank lessened its stake in Avnet, Inc. (NASDAQ:AVTGet Rating) by 0.6% in the second quarter, HoldingsChannel reports. The fund owned 233,200 shares of the company’s stock after selling 1,500 shares during the period. Swiss National Bank’s holdings in Avnet were worth $10,000,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

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

Avnet Stock Performance

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

Avnet (NASDAQ:AVTGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.09. The company 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 firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 EPS. On average, equities research analysts predict that Avnet, Inc. will post 6.97 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Wednesday, December 7th will be given a $0.29 dividend. The ex-dividend date is Tuesday, December 6th. This represents a $1.16 annualized dividend and a yield of 2.62%. Avnet’s dividend payout ratio (DPR) is presently 14.91%.

About Avnet

(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.

Further Reading

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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