Verition Fund Management LLC Grows Stake in Avnet, Inc. (NASDAQ:AVT)

Verition Fund Management LLC raised its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 206.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,798 shares of the company's stock after purchasing an additional 12,659 shares during the quarter. Verition Fund Management LLC's holdings in Avnet were worth $1,021,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of AVT. Fifth Third Bancorp increased its holdings in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company's stock valued at $42,000 after purchasing an additional 214 shares during the period. Capital Performance Advisors LLP acquired a new stake in Avnet during the 3rd quarter valued at approximately $51,000. nVerses Capital LLC acquired a new position in shares of Avnet in the 2nd quarter worth approximately $77,000. GAMMA Investing LLC boosted its stake in shares of Avnet by 20.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,836 shares of the company's stock valued at $100,000 after purchasing an additional 309 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Avnet by 38.7% during the second quarter. Blue Trust Inc. now owns 2,995 shares of the company's stock worth $148,000 after buying an additional 836 shares during the period. Institutional investors own 95.78% of the company's stock.

Avnet Stock Up 1.0 %

Shares of NASDAQ AVT traded up $0.54 during midday trading on Monday, hitting $54.75. 563,735 shares of the stock traded hands, compared to its average volume of 599,866. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. Avnet, Inc. has a one year low of $43.62 and a one year high of $59.24. The business has a 50 day moving average price of $54.51 and a two-hundred day moving average price of $53.42. The company has a market cap of $4.76 billion, a PE ratio of 14.33, a P/E/G ratio of 1.01 and a beta of 1.14.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm's quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company earned $1.61 earnings per share. On average, equities analysts predict that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet's dividend payout ratio is currently 34.56%.

Avnet Profile

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.