Hancock Whitney Corp grew its position in Avnet (NYSE:AVT) by 14.7% during the 1st quarter, HoldingsChannel reports. The firm owned 87,702 shares of the technology company’s stock after purchasing an additional 11,213 shares during the quarter. Hancock Whitney Corp’s holdings in Avnet were worth $3,804,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc lifted its stake in Avnet by 2.8% during the third quarter. Vanguard Group Inc now owns 11,420,607 shares of the technology company’s stock worth $511,300,000 after purchasing an additional 315,288 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in Avnet by 13.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 18,400 shares of the technology company’s stock worth $664,000 after purchasing an additional 2,154 shares in the last quarter. Rhumbline Advisers lifted its stake in Avnet by 42.1% during the fourth quarter. Rhumbline Advisers now owns 291,908 shares of the technology company’s stock worth $10,538,000 after purchasing an additional 86,551 shares in the last quarter. Dupont Capital Management Corp acquired a new position in Avnet during the fourth quarter worth $488,000. Finally, Alps Advisors Inc. lifted its stake in Avnet by 81.3% during the fourth quarter. Alps Advisors Inc. now owns 19,018 shares of the technology company’s stock worth $687,000 after purchasing an additional 8,526 shares in the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.
A number of research firms have commented on AVT. TheStreet upgraded Avnet from a “c+” rating to a “b-” rating in a research note on Wednesday, April 10th. Citigroup set a $47.00 price objective on Avnet and gave the stock a “hold” rating in a research report on Friday, April 26th. Deutsche Bank began coverage on Avnet in a research report on Tuesday. They set a “hold” rating and a $44.00 price objective on the stock. Finally, Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Avnet presently has an average rating of “Hold” and a consensus target price of $48.17.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, April 25th. The technology company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The company had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.75 billion. During the same period in the prior year, the company posted $1.02 EPS. The firm’s revenue was down 2.0% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Tuesday, June 4th.
In other news, Director James A. Lawrence sold 20,620 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.20, for a total transaction of $932,024.00. Following the sale, the director now owns 500,000 shares of the company’s stock, valued at $22,600,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James A. Lawrence sold 187,495 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $47.48, for a total value of $8,902,262.60. Following the completion of the transaction, the director now directly owns 616,392 shares in the company, valued at approximately $29,266,292.16. The disclosure for this sale can be found here. Insiders have sold 215,911 shares of company stock worth $10,207,871 in the last ninety days. Corporate insiders own 1.65% of the company’s stock.
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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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