Avnet (NYSE:AVT) insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was 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 Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of NYSE:AVT traded up $0.99 during midday trading on Friday, reaching $40.47. 1,384,667 shares of the company’s stock were exchanged, compared to its average volume of 951,307. The company has a current ratio of 2.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.08 and a beta of 0.99. Avnet has a fifty-two week low of $38.12 and a fifty-two week high of $49.40.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. The firm had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $4.85 billion. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%. The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. As a group, equities research analysts predict that Avnet will post 3.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.98%. This is an increase from Avnet’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, September 7th. Avnet’s dividend payout ratio (DPR) is presently 24.69%.
Avnet announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 29th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Large investors have recently modified their holdings of the stock. CIBC World Markets Inc. purchased a new position in Avnet during the 2nd quarter valued at about $201,000. CHICAGO TRUST Co NA purchased a new position in Avnet during the 3rd quarter valued at about $207,000. Jane Street Group LLC purchased a new position in Avnet during the 2nd quarter valued at about $210,000. Foster & Motley Inc. purchased a new position in Avnet during the 2nd quarter valued at about $226,000. Finally, IFM Investors Pty Ltd purchased a new position in Avnet during the 2nd quarter valued at about $266,000. 96.44% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have issued reports on the company. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a research note on Wednesday. Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday. Bank of America raised Avnet from a “neutral” rating to a “buy” rating and raised their target price for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. Citigroup raised their target price on Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a research note on Thursday, August 9th. Finally, Wells Fargo & Co assumed coverage on 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 analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Avnet currently has an average rating of “Hold” and an average price target of $45.14.
Avnet Company Profile
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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