Allspring Global Investments Holdings LLC trimmed its position in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 56.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,493 shares of the company’s stock after selling 50,758 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Avnet were worth $1,426,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Avnet by 0.5% in the first quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company’s stock worth $438,893,000 after buying an additional 49,576 shares in the last quarter. Greenhaven Associates Inc. purchased a new stake in shares of Avnet in the third quarter worth about $48,490,000. Millennium Management LLC lifted its holdings in shares of Avnet by 37.6% in the second quarter. Millennium Management LLC now owns 1,071,018 shares of the company’s stock worth $45,925,000 after buying an additional 292,882 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Avnet by 15.9% in the second quarter. AQR Capital Management LLC now owns 953,558 shares of the company’s stock worth $39,668,000 after purchasing an additional 130,466 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Avnet by 5.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 925,415 shares of the company’s stock worth $37,563,000 after purchasing an additional 44,685 shares during the last quarter. 97.11% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research analysts recently weighed in on AVT shares. StockNews.com cut shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Stifel Nicolaus decreased their price objective on shares of 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $44.86.
Avnet Stock Up 1.4 %
Avnet (NASDAQ:AVT – Get Rating) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.09. Avnet had a net margin of 3.00% and a return on equity of 18.23%. The business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.36 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, analysts expect that Avnet, Inc. will post 6.97 EPS for the current fiscal year.
Avnet Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Tuesday, December 6th. Avnet’s dividend payout ratio (DPR) is presently 14.91%.
Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.
- Get a free copy of the StockNews.com research report on Avnet (AVT)
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