AlphaCrest Capital Management LLC Increases Position in Avnet, Inc. (NASDAQ:AVT)

AlphaCrest Capital Management LLC grew its holdings in Avnet, Inc. (NASDAQ:AVTGet Rating) by 32.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 14,396 shares of the company’s stock after buying an additional 3,494 shares during the period. AlphaCrest Capital Management LLC’s holdings in Avnet were worth $584,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Citigroup Inc. raised its holdings in shares of Avnet by 210.1% in the first quarter. Citigroup Inc. now owns 197,193 shares of the company’s stock valued at $8,004,000 after buying an additional 133,601 shares during the last quarter. Harvest Fund Management Co. Ltd raised its holdings in shares of Avnet by 216.1% in the first quarter. Harvest Fund Management Co. Ltd now owns 4,081 shares of the company’s stock valued at $165,000 after buying an additional 2,790 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Avnet by 0.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 46,997 shares of the company’s stock valued at $1,908,000 after buying an additional 418 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Avnet by 34.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 82,307 shares of the company’s stock valued at $3,341,000 after buying an additional 20,921 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in shares of Avnet by 34.8% in the first quarter. State of Tennessee Treasury Department now owns 77,522 shares of the company’s stock valued at $3,147,000 after buying an additional 20,000 shares during the last quarter. 98.89% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Down 3.4 %

Shares of NASDAQ AVT opened at $41.25 on Wednesday. Avnet, Inc. has a 12-month low of $35.71 and a 12-month high of $50.19. The company has a market capitalization of $3.91 billion, a PE ratio of 5.94, a price-to-earnings-growth ratio of 0.25 and a beta of 1.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.09 and a quick ratio of 1.09. The firm’s 50-day moving average is $45.79 and its two-hundred day moving average is $45.21.

Avnet (NASDAQ:AVTGet Rating) last announced its quarterly earnings results on Wednesday, August 10th. The company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.11. The company had revenue of $6.37 billion for the quarter, compared to the consensus estimate of $6.29 billion. Avnet had a net margin of 2.85% and a return on equity of 16.47%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.12 earnings per share. Equities analysts anticipate that Avnet, Inc. will post 6.83 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 28th. Investors of record on Wednesday, September 14th will be paid a dividend of $0.29 per share. This is an increase from Avnet’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.16 annualized dividend and a dividend yield of 2.81%. Avnet’s dividend payout ratio is presently 14.96%.

Analyst Ratings Changes

AVT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Avnet in a research note on Thursday, July 14th. They set an “underweight” rating and a $46.00 price target on the stock. Wells Fargo & Company upped their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 7th. Citigroup upped their target price on shares of Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 7th. StockNews.com lowered shares of Avnet from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 11th. Finally, The Goldman Sachs Group lowered their target price on shares of Avnet from $45.00 to $43.00 in a research report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.43.

Insider Activity at Avnet

In related news, CFO Thomas Liguori sold 24,221 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $43.92, for a total transaction of $1,063,786.32. Following the transaction, the chief financial officer now owns 54,287 shares of the company’s stock, valued at $2,384,285.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.10% of the company’s stock.

About Avnet

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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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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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