Renaissance Technologies LLC lifted its position in shares of Avnet (NYSE:AVT) by 33.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 722,200 shares of the technology company’s stock after purchasing an additional 181,579 shares during the quarter. Renaissance Technologies LLC owned 0.60% of Avnet worth $28,614,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC grew its stake in shares of Avnet by 262.0% during the 3rd quarter. Janus Henderson Group PLC now owns 764,285 shares of the technology company’s stock worth $30,037,000 after purchasing an additional 553,130 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Avnet during the 3rd quarter worth approximately $435,000. Cerebellum GP LLC acquired a new stake in shares of Avnet during the 4th quarter worth approximately $3,489,000. Itau Unibanco Holding S.A. grew its stake in shares of Avnet by 67.2% during the 4th quarter. Itau Unibanco Holding S.A. now owns 13,672 shares of the technology company’s stock worth $542,000 after purchasing an additional 5,495 shares during the period. Finally, Earnest Partners LLC acquired a new stake in shares of Avnet during the 3rd quarter worth approximately $17,864,000. 96.44% of the stock is currently owned by institutional investors and hedge funds.
Avnet stock opened at $43.70 on Thursday. Avnet has a 52-week low of $35.67 and a 52-week high of $45.99. The stock has a market capitalization of $5,229.62, a P/E ratio of 12.11, a PEG ratio of 1.39 and a beta of 0.97. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 2.75.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The firm had revenue of $4.52 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter last year, the firm posted $0.77 EPS. The business’s revenue was up 5.8% on a year-over-year basis. analysts expect that Avnet will post 3.47 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Stockholders of record on Tuesday, March 13th will be given a dividend of $0.19 per share. This is a positive change from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, March 12th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.74%. Avnet’s dividend payout ratio (DPR) is 21.05%.
A number of brokerages have recently commented on AVT. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a research note on Friday, January 19th. Goldman Sachs raised shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a research note on Friday, January 5th. Pivotal Research began coverage on shares of Avnet in a research note on Tuesday, February 13th. They set a “hold” rating and a $44.00 price objective on the stock. Finally, Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $40.13.
In other Avnet news, insider Philip R. Gallagher sold 14,292 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $42.00, for a total value of $600,264.00. Following the transaction, the insider now owns 22,178 shares in the company, valued at approximately $931,476. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin V. Summers sold 1,511 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total value of $61,452.37. Following the completion of the transaction, the insider now owns 5,354 shares in the company, valued at approximately $217,747.18. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.
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Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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