Avnet (NYSE:AVT) President Sells $1,062,644.96 in Stock

Avnet (NYSE:AVT) President Philip R. Gallagher sold 24,184 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the transaction, the president now owns 51,878 shares in the company, valued at approximately $2,279,519.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

AVT stock traded down $0.04 during midday trading on Tuesday, reaching $44.19. The company had a trading volume of 88,340 shares, compared to its average volume of 702,609. The stock has a 50 day moving average price of $42.54 and a 200-day moving average price of $43.81. Avnet has a 1-year low of $33.55 and a 1-year high of $49.03.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.05). The business had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.61 billion. During the same quarter last year, the firm earned $0.99 EPS. The firm’s quarterly revenue was down 7.5% on a year-over-year basis.



The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This is a boost from Avnet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 1.90%.

Several brokerages have recently commented on AVT. Raymond James lowered their target price on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, August 9th. SunTrust Banks cut their price target on Avnet to $39.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Bank of America reissued a “buy” rating and set a $47.00 price target (down previously from $50.00) on shares of Avnet in a research report on Friday, August 9th. TheStreet downgraded Avnet from a “b” rating to a “c+” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank assumed coverage on Avnet in a research note on Tuesday, June 11th. They set a “hold” rating and a $44.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $45.50.

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Avnet by 11.4% during the fourth quarter. Geode Capital Management LLC now owns 1,391,025 shares of the technology company’s stock worth $50,215,000 after purchasing an additional 142,746 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Avnet by 3.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 120,547 shares of the technology company’s stock worth $5,229,000 after buying an additional 4,368 shares during the last quarter. Texas Permanent School Fund grew its position in shares of Avnet by 1.1% in the 1st quarter. Texas Permanent School Fund now owns 73,621 shares of the technology company’s stock worth $3,193,000 after acquiring an additional 836 shares in the last quarter. Parkwood LLC acquired a new position in shares of Avnet in the 1st quarter worth approximately $4,928,000. Finally, LSV Asset Management increased its holdings in shares of Avnet by 1.0% in the 1st quarter. LSV Asset Management now owns 2,215,168 shares of the technology company’s stock valued at $96,071,000 after acquiring an additional 20,900 shares during the last quarter. 96.44% of the stock is owned by institutional investors.

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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