The PNC Financial Services Group Inc. trimmed its stake in Avnet, Inc. (NASDAQ:AVT) by 5.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,703 shares of the company’s stock after selling 350 shares during the period. The PNC Financial Services Group Inc.’s holdings in Avnet were worth $237,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AVT. Inspire Advisors LLC acquired a new stake in shares of Avnet during the 4th quarter valued at about $28,000. CI Investments Inc. boosted its position in shares of Avnet by 488.0% during the 4th quarter. CI Investments Inc. now owns 3,969 shares of the company’s stock valued at $139,000 after acquiring an additional 3,294 shares in the last quarter. Greenleaf Trust acquired a new stake in shares of Avnet during the 4th quarter valued at about $208,000. Morningstar Investment Services LLC acquired a new stake in shares of Avnet during the 4th quarter valued at about $213,000. Finally, Intersect Capital LLC acquired a new stake in shares of Avnet during the 1st quarter valued at about $219,000. Institutional investors own 96.52% of the company’s stock.
A number of equities analysts have commented on the stock. Loop Capital upgraded shares of Avnet from a “hold” rating to a “buy” rating and boosted their price target for the company from $39.00 to $53.00 in a research report on Friday, April 30th. Raymond James boosted their price target on shares of Avnet from $47.00 to $50.00 and gave the company a “strong-buy” rating in a research report on Thursday, April 29th. Finally, TheStreet upgraded shares of Avnet from a “c” rating to a “b” rating in a research report on Wednesday, April 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Avnet has an average rating of “Buy” and a consensus price target of $38.40.
Avnet (NASDAQ:AVT) last announced its earnings results on Tuesday, April 27th. The company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.18. Avnet had a net margin of 0.87% and a return on equity of 4.48%. The company had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.56 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. As a group, research analysts expect that Avnet, Inc. will post 2.33 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 23rd. Investors of record on Wednesday, June 9th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from Avnet’s previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, June 8th. Avnet’s payout ratio is 57.14%.
In related news, insider Leng Jin Chan sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $44.29, for a total transaction of $442,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip R. Gallagher sold 23,128 shares of the business’s stock in a transaction that occurred on Thursday, May 6th. The stock was sold at an average price of $43.57, for a total transaction of $1,007,686.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,140 shares of company stock valued at $2,748,057. 1.10% of the stock is currently owned by insiders.
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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