Assenagon Asset Management S.A. Reduces Stock Position in Avnet, Inc. (NASDAQ:AVT)

Assenagon Asset Management S.A. reduced its holdings in shares of Avnet, Inc. (NASDAQ:AVTGet Rating) by 64.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,362 shares of the company’s stock after selling 66,785 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Avnet were worth $1,350,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Natixis Advisors L.P. acquired a new stake in Avnet during the first quarter valued at approximately $448,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Avnet during the 1st quarter valued at approximately $1,019,000. MetLife Investment Management LLC lifted its stake in Avnet by 33.1% during the first quarter. MetLife Investment Management LLC now owns 64,005 shares of the company’s stock worth $2,598,000 after purchasing an additional 15,921 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Avnet by 10.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,269 shares of the company’s stock worth $1,472,000 after purchasing an additional 3,372 shares during the period. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Avnet by 9.8% during the first quarter. Great West Life Assurance Co. Can now owns 63,382 shares of the company’s stock worth $2,658,000 after purchasing an additional 5,646 shares during the period. Institutional investors and hedge funds own 97.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Stifel Nicolaus dropped their price target on Avnet from $48.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, October 10th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $44.86.

Avnet Trading Up 0.5 %

NASDAQ:AVT opened at $44.10 on Friday. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 5.67, a PEG ratio of 0.25 and a beta of 1.34. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.04 and a current ratio of 2.04. Avnet, Inc. has a 1 year low of $35.45 and a 1 year high of $50.19. The business has a fifty day moving average of $43.21 and a 200-day moving average of $42.00.

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

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 21st. Shareholders of record on Wednesday, December 7th were given a $0.29 dividend. The ex-dividend date was Tuesday, December 6th. This represents a $1.16 dividend on an annualized basis and a yield of 2.63%. Avnet’s dividend payout ratio (DPR) 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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