Riverhead Capital Management LLC raised its stake in shares of Avnet, Inc. (NYSE:AVT) by 90.9% during the third quarter, Holdings Channel reports. The fund owned 11,300 shares of the company’s stock after buying an additional 5,382 shares during the period. Riverhead Capital Management LLC’s holdings in Avnet were worth $464,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. BKS Advisors LLC acquired a new stake in shares of Avnet during the third quarter valued at $102,000. Weaver C. Barksdale & Associates Inc. increased its stake in shares of Avnet by 9.9% in the third quarter. Weaver C. Barksdale & Associates Inc. now owns 3,211 shares of the company’s stock valued at $132,000 after buying an additional 290 shares during the last quarter. Invictus RG acquired a new stake in shares of Avnet during the second quarter valued at $132,000. US Bancorp DE increased its stake in shares of Avnet by 57.5% in the third quarter. US Bancorp DE now owns 4,211 shares of the company’s stock valued at $173,000 after buying an additional 1,537 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Avnet during the third quarter valued at $202,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.
Avnet, Inc. (NYSE:AVT) traded up 1.23% during trading on Wednesday, hitting $47.09. The company had a trading volume of 604,557 shares. The stock has a 50-day moving average of $47.38 and a 200 day moving average of $43.02. The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.95 and a beta of 1.22. Avnet, Inc. has a one year low of $37.10 and a one year high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.01. The firm had revenue of $6.04 billion for the quarter, compared to the consensus estimate of $6.10 billion. Avnet had a return on equity of 11.16% and a net margin of 1.90%. The business’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.12 earnings per share. Equities analysts forecast that Avnet, Inc. will post $3.20 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 19th. Shareholders of record on Tuesday, December 6th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.44%. Avnet’s dividend payout ratio (DPR) is presently 20.12%.
Several analysts recently weighed in on the company. Brean Capital restated a “hold” rating on shares of Avnet in a research note on Sunday, October 30th. set a $43.00 price objective on Avnet and gave the stock a “sell” rating in a research report on Tuesday, September 20th. Zacks Investment Research downgraded Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 31st. Cross Research downgraded Avnet from a “hold” rating to a “sell” rating in a research report on Tuesday, September 20th. Finally, Citigroup Inc. reduced their price objective on Avnet from $37.00 to $35.00 and set a “sell” rating for the company in a research report on Thursday, September 22nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $44.22.
Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The Company operates through two segments: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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