Metropolitan Life Insurance Co. NY Has $1.46 Million Position in Avnet (NYSE:AVT)
Metropolitan Life Insurance Co. NY decreased its position in shares of Avnet (NYSE:AVT) by 10.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 34,002 shares of the technology company’s stock after selling 3,863 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Avnet were worth $1,458,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in shares of Avnet by 58.6% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 135,336 shares of the technology company’s stock valued at $5,805,000 after acquiring an additional 50,000 shares during the last quarter. Vident Investment Advisory LLC increased its holdings in Avnet by 1.9% during the 2nd quarter. Vident Investment Advisory LLC now owns 86,264 shares of the technology company’s stock worth $3,700,000 after purchasing an additional 1,596 shares in the last quarter. Natixis increased its holdings in Avnet by 25.5% during the 2nd quarter. Natixis now owns 11,153 shares of the technology company’s stock worth $478,000 after purchasing an additional 2,264 shares in the last quarter. Tocqueville Asset Management L.P. increased its holdings in Avnet by 16.3% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 71,500 shares of the technology company’s stock worth $3,067,000 after purchasing an additional 10,000 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its holdings in Avnet by 13.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 137,076 shares of the technology company’s stock worth $5,879,000 after purchasing an additional 16,162 shares in the last quarter. 96.44% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the company. TheStreet cut Avnet from a “b” rating to a “c” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday. Bank of America upgraded shares of 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. Citigroup raised their target price on shares of Avnet from $37.00 to $39.00 and gave the company a “sell” rating in a research note on Thursday, August 9th. Finally, Wells Fargo & Co initiated coverage on shares of Avnet in a research note on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Avnet presently has a consensus rating of “Hold” and a consensus price target of $45.14.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. Equities research analysts predict that Avnet will post 3.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Monday, September 10th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, September 7th. This represents a $0.80 dividend on an annualized basis and a yield of 1.98%. This is a positive change from Avnet’s previous quarterly dividend of $0.19. Avnet’s dividend payout ratio (DPR) is currently 24.69%.
Avnet declared that its Board of Directors has approved a share repurchase program on Wednesday, August 29th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other Avnet news, insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.65% of the company’s stock.
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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