The PNC Financial Services Group Inc. trimmed its position in shares of Avnet, Inc. (NASDAQ:AVT) by 5.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Twin Capital Management Inc. grew its stake in Avnet by 110.7% during the first quarter. Twin Capital Management Inc. now owns 80,240 shares of the company’s stock worth $3,331,000 after buying an additional 42,165 shares in the last quarter. SG Americas Securities LLC grew its stake in Avnet by 106.4% during the fourth quarter. SG Americas Securities LLC now owns 82,038 shares of the company’s stock worth $2,880,000 after buying an additional 42,286 shares in the last quarter. Norges Bank acquired a new stake in Avnet during the fourth quarter worth about $43,151,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Avnet in the 4th quarter valued at approximately $263,000. Finally, SummerHaven Investment Management LLC acquired a new stake in shares of Avnet in the 4th quarter valued at approximately $549,000. Hedge funds and other institutional investors own 96.52% of the company’s stock.
Shares of NASDAQ AVT opened at $43.47 on Friday. The firm has a 50 day simple moving average of $43.73. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 0.82 and a beta of 1.53. Avnet, Inc. has a 1 year low of $24.30 and a 1 year high of $45.43. The company has a current ratio of 2.29, a quick ratio of 1.33 and a debt-to-equity ratio of 0.23.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 23rd. Investors of record on Wednesday, June 9th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Tuesday, June 8th. This is a positive change from Avnet’s previous quarterly dividend of $0.21. Avnet’s dividend payout ratio (DPR) is 57.14%.
In other Avnet news, insider Kenneth A. Jacobson sold 5,360 shares of the firm’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $44.70, for a total transaction of $239,592.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Philip R. Gallagher sold 23,128 shares of the firm’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. In the last quarter, insiders sold 63,140 shares of company stock valued at $2,748,057. 1.10% of the stock is owned by company insiders.
AVT has been the topic of a number of research analyst reports. Loop Capital upgraded shares of Avnet from a “hold” rating to a “buy” rating and raised their price target for the company from $39.00 to $53.00 in a research note on Friday, April 30th. Raymond James raised their price target on shares of Avnet from $47.00 to $50.00 and gave the company a “strong-buy” rating in a research note on Thursday, April 29th. Finally, TheStreet upgraded shares of Avnet from a “c” rating to a “b” rating in a research note on Wednesday, April 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $38.40.
Avnet Company Profile
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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