Crossmark Global Holdings Inc. Invests $754,000 in Avnet, Inc. (AVT)

Crossmark Global Holdings Inc. purchased a new stake in Avnet, Inc. (NYSE:AVT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 19,196 shares of the technology company’s stock, valued at approximately $754,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pacad Investment Ltd. bought a new position in shares of Avnet in the 2nd quarter valued at about $113,000. Daiwa Securities Group Inc. grew its holdings in shares of Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after acquiring an additional 700 shares in the last quarter. Riverhead Capital Management LLC grew its holdings in shares of Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after acquiring an additional 1,559 shares in the last quarter. M&T Bank Corp bought a new position in shares of Avnet in the 2nd quarter valued at about $208,000. Finally, BB&T Securities LLC bought a new position in shares of Avnet in the 2nd quarter valued at about $218,000. Institutional investors own 91.91% of the company’s stock.

Several brokerages have recently weighed in on AVT. TheStreet cut Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Deutsche Bank AG restated a “hold” rating and issued a $39.00 price objective (down previously from $40.00) on shares of Avnet in a report on Thursday, August 10th. BidaskClub cut Avnet from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Cross Research upgraded Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Finally, Citigroup Inc. raised their price objective on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $40.29.

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Avnet, Inc. (NYSE:AVT) opened at $39.21 on Tuesday. Avnet, Inc. has a 1-year low of $35.67 and a 1-year high of $51.50. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $4,783.89, a PE ratio of 12.17, a P/E/G ratio of 1.29 and a beta of 1.08.

Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The business had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the company posted $0.91 earnings per share. Avnet’s quarterly revenue was up 13.2% on a year-over-year basis. analysts forecast that Avnet, Inc. will post 3.36 EPS for the current fiscal year.

Avnet announced that its Board of Directors has initiated a share repurchase program on Friday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, December 5th. Avnet’s payout ratio is currently 17.96%.

In related news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the transaction, the director now owns 12,191 shares in the company, valued at $452,286.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.65% of the company’s stock.

Avnet Profile

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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