SG Americas Securities LLC cut its position in shares of Avnet (NYSE:AVT) by 89.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,677 shares of the technology company’s stock after selling 97,977 shares during the period. SG Americas Securities LLC’s holdings in Avnet were worth $422,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. First Citizens Bank & Trust Co. increased its stake in shares of Avnet by 3.2% during the 4th quarter. First Citizens Bank & Trust Co. now owns 8,405 shares of the technology company’s stock worth $303,000 after purchasing an additional 260 shares during the last quarter. Neuberger Berman Group LLC increased its stake in shares of Avnet by 3.7% during the 3rd quarter. Neuberger Berman Group LLC now owns 8,508 shares of the technology company’s stock worth $381,000 after purchasing an additional 303 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Avnet by 1.7% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 21,695 shares of the technology company’s stock worth $782,000 after purchasing an additional 367 shares during the last quarter. Paragon Capital Management Ltd increased its stake in shares of Avnet by 12.1% during the 4th quarter. Paragon Capital Management Ltd now owns 7,423 shares of the technology company’s stock worth $268,000 after purchasing an additional 802 shares during the last quarter. Finally, Commonwealth Bank of Australia increased its stake in shares of Avnet by 2.1% during the 3rd quarter. Commonwealth Bank of Australia now owns 57,360 shares of the technology company’s stock worth $2,563,000 after purchasing an additional 1,200 shares during the last quarter. Institutional investors own 96.44% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday, January 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $45.17.
Shares of AVT opened at $43.49 on Friday. Avnet has a 52 week low of $33.55 and a 52 week high of $49.40.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, January 24th. The technology company reported $1.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.04. The company had revenue of $5.05 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter last year, the company posted $0.78 EPS. The firm’s quarterly revenue was up 11.7% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 26th. Investors of record on Tuesday, March 12th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 11th. This represents a $0.80 dividend on an annualized basis and a yield of 1.84%.
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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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