Credit Suisse AG cut its position in Avnet (NYSE:AVT) by 9.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 264,496 shares of the technology company’s stock after selling 28,867 shares during the quarter. Credit Suisse AG owned about 0.23% of Avnet worth $11,842,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Cornerstone Wealth Management LLC purchased a new position in shares of Avnet in the 2nd quarter valued at approximately $343,000. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of Avnet by 18.8% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 113,582 shares of the technology company’s stock valued at $4,872,000 after purchasing an additional 17,950 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Avnet by 9.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 408,509 shares of the technology company’s stock valued at $17,521,000 after purchasing an additional 36,765 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Avnet by 6.0% in the 2nd quarter. Wells Fargo & Company MN now owns 876,035 shares of the technology company’s stock valued at $37,573,000 after purchasing an additional 49,803 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Avnet by 4.4% in the 2nd quarter. First Trust Advisors LP now owns 869,574 shares of the technology company’s stock valued at $37,296,000 after purchasing an additional 36,448 shares during the period. Hedge funds and other institutional investors own 96.44% of the company’s stock.
AVT has been the subject of a number of research analyst reports. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and raised their target price for the company from $44.00 to $55.00 in a research note on Friday, August 10th. Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. TheStreet cut Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Finally, Citigroup upgraded Avnet from a “sell” rating to a “neutral” rating in a research note on Friday, October 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $45.67.
In other Avnet news, insider Maryann G. Miller sold 15,024 shares of Avnet stock in a transaction on Friday, September 14th. The stock was sold at an average price of $47.99, for a total transaction of $721,001.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Philip R. Gallagher sold 24,068 shares of Avnet stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $43.18, for a total value of $1,039,256.24. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by insiders.
Shares of NYSE:AVT opened at $41.99 on Friday. Avnet has a 12-month low of $37.11 and a 12-month high of $49.40.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, October 25th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.03 billion.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Tuesday, December 4th.
Avnet declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 29th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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Avnet Company Profile
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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