Denali Advisors LLC Invests $404,000 in Avnet, Inc. $AVT

Denali Advisors LLC acquired a new position in Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,614 shares of the company’s stock, valued at approximately $404,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its position in Avnet by 109.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after purchasing an additional 276 shares during the period. Legacy Advisors LLC bought a new position in Avnet in the first quarter worth $26,000. TD Private Client Wealth LLC lifted its position in Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Avnet in the first quarter worth $49,000. Finally, SVB Wealth LLC bought a new position in Avnet in the first quarter worth $54,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AVT. Truist Financial raised their target price on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Bank of America raised their target price on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Avnet in a research report on Wednesday, October 8th. Finally, Zacks Research raised Avnet from a “strong sell” rating to a “hold” rating in a research report on Monday. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $49.00.

Avnet Stock Down 1.8%

Shares of NASDAQ AVT opened at $51.22 on Thursday. The stock has a market cap of $4.26 billion, a PE ratio of 18.76, a PEG ratio of 0.39 and a beta of 1.06. The business has a fifty day moving average of $52.91 and a two-hundred day moving average of $51.83. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the business earned $1.22 earnings per share. As a group, equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, September 17th. This is a boost from Avnet’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. Avnet’s dividend payout ratio (DPR) is 51.28%.

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.