Amalgamated Bank Grows Stake in Avnet, Inc. (NASDAQ:AVT)

Amalgamated Bank raised its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,746 shares of the company’s stock after purchasing an additional 725 shares during the period. Amalgamated Bank owned 0.07% of Avnet worth $3,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of AVT. Invesco Ltd. raised its holdings in Avnet by 51.2% during the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock valued at $73,306,000 after buying an additional 515,095 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Avnet by 971.5% in the third quarter. Assenagon Asset Management S.A. now owns 437,210 shares of the company’s stock valued at $21,069,000 after acquiring an additional 396,405 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Avnet by 586.5% in the 3rd quarter. Victory Capital Management Inc. now owns 259,092 shares of the company’s stock worth $12,486,000 after acquiring an additional 221,353 shares during the last quarter. Tudor Investment Corp Et Al lifted its holdings in shares of Avnet by 212.8% in the 3rd quarter. Tudor Investment Corp Et Al now owns 228,857 shares of the company’s stock worth $11,029,000 after acquiring an additional 155,685 shares during the last quarter. Finally, LSV Asset Management grew its holdings in Avnet by 5.3% during the 3rd quarter. LSV Asset Management now owns 3,077,468 shares of the company’s stock valued at $148,303,000 after purchasing an additional 154,700 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $51.75 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. The firm has a market cap of $4.68 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.66 and a beta of 1.21. The firm’s 50 day simple moving average is $48.31 and its 200-day simple moving average is $47.52. Avnet, Inc. has a one year low of $40.44 and a one year high of $52.42.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the previous year, the business earned $2.00 earnings per share. The company’s revenue for the quarter was down 13.2% compared to the same quarter last year. As a group, equities analysts predict that Avnet, Inc. will post 5.19 EPS for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet’s dividend payout ratio (DPR) is 20.06%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVT. The Goldman Sachs Group decreased their price objective on shares of Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a research note on Thursday, February 1st. Truist Financial dropped their price objective on Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.00.

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.