Mackenzie Financial Corp lifted its position in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,500 shares of the company’s stock after purchasing an additional 1,050 shares during the quarter. Mackenzie Financial Corp’s holdings in Avnet were worth $1,179,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in AVT. Cibc World Market Inc. purchased a new stake in Avnet during the second quarter valued at $370,000. Industrial Alliance Investment Management Inc. lifted its holdings in shares of Avnet by 32.8% in the 2nd quarter. Industrial Alliance Investment Management Inc. now owns 103,560 shares of the company’s stock valued at $4,441,000 after acquiring an additional 25,560 shares during the last quarter. Balasa Dinverno & Foltz LLC purchased a new position in Avnet in the second quarter worth about $1,058,000. Foster & Motley Inc. increased its stake in Avnet by 10.4% during the second quarter. Foster & Motley Inc. now owns 101,084 shares of the company’s stock worth $4,334,000 after acquiring an additional 9,506 shares during the last quarter. Finally, Eqis Capital Management Inc. raised its position in Avnet by 8.4% during the second quarter. Eqis Capital Management Inc. now owns 10,634 shares of the company’s stock valued at $456,000 after purchasing an additional 826 shares during the period. 98.89% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
AVT has been the subject of a number of recent research reports. StockNews.com cut Avnet from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Wells Fargo & Company cut shares of Avnet from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $45.00 to $35.00 in a research report on Friday, September 16th. Finally, Stifel Nicolaus dropped their price target on shares of Avnet from $48.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, October 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $44.86.
Avnet Price Performance
Avnet (NASDAQ:AVT – Get Rating) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $2.00 earnings per share (EPS) 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 analysts’ expectations of $6.36 billion. Avnet had a return on equity of 18.23% and a net margin of 3.00%. Avnet’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 earnings per share. As a group, equities analysts anticipate that Avnet, Inc. will post 6.97 EPS for the current year.
Avnet Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 21st. Shareholders of record on Wednesday, December 7th will be paid a $0.29 dividend. The ex-dividend date is Tuesday, December 6th. This represents a $1.16 annualized dividend and a yield of 2.57%. Avnet’s dividend payout ratio (DPR) is presently 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.
- Get a free copy of the StockNews.com research report on Avnet (AVT)
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