JPMorgan Chase & Co. Increases Stake in Avnet, Inc. (NASDAQ:AVT)

JPMorgan Chase & Co. increased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 13.2% during the third quarter, Holdings Channel reports. The institutional investor owned 243,295 shares of the company’s stock after buying an additional 28,453 shares during the quarter. JPMorgan Chase & Co.’s holdings in Avnet were worth $13,213,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AVT. Capital Performance Advisors LLP acquired a new position in Avnet during the 3rd quarter worth approximately $51,000. GAMMA Investing LLC lifted its position in shares of Avnet by 20.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock worth $100,000 after purchasing an additional 309 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Avnet by 29.3% during the third quarter. Blue Trust Inc. now owns 3,874 shares of the company’s stock worth $199,000 after purchasing an additional 879 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Avnet by 442.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock valued at $200,000 after buying an additional 3,015 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Avnet in the third quarter valued at $209,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Trading Down 0.7 %

NASDAQ:AVT opened at $51.43 on Friday. Avnet, Inc. has a 1 year low of $43.62 and a 1 year high of $59.24. The stock has a market cap of $4.47 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The stock has a 50-day simple moving average of $53.74 and a 200-day simple moving average of $53.31.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period in the prior year, the firm posted $1.61 earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. As a group, analysts anticipate that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were given a $0.33 dividend. The ex-dividend date was Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.57%. Avnet’s dividend payout ratio (DPR) is presently 34.55%.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.