ProShare Advisors LLC grew its holdings in shares of Avnet, Inc. (NASDAQ:AVT – Free Report) by 13.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 84,070 shares of the company’s stock after acquiring an additional 10,274 shares during the period. ProShare Advisors LLC owned 0.09% of Avnet worth $3,800,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Avnet by 14.6% in the first quarter. JPMorgan Chase & Co. now owns 267,346 shares of the company’s stock worth $12,084,000 after buying an additional 34,030 shares in the last quarter. Pacific Center for Financial Services purchased a new position in Avnet in the first quarter worth about $300,000. Ancora Advisors LLC increased its position in shares of Avnet by 17.7% during the first quarter. Ancora Advisors LLC now owns 3,825 shares of the company’s stock worth $173,000 after purchasing an additional 575 shares in the last quarter. Quilter Plc purchased a new stake in shares of Avnet during the first quarter valued at $893,700,000. Finally, State Street Corp raised its position in shares of Avnet by 4.2% during the 1st quarter. State Street Corp now owns 3,635,091 shares of the company’s stock worth $164,306,000 after purchasing an additional 147,113 shares during the last quarter. Institutional investors and hedge funds own 95.34% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have commented on AVT shares. Truist Financial raised their price target on shares of Avnet from $49.00 to $50.00 and gave the company a “hold” rating in a research report on Thursday, August 17th. Stifel Nicolaus boosted their price target on shares of Avnet from $45.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, August 17th. Wells Fargo & Company increased their target price on Avnet from $37.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. Finally, StockNews.com began coverage on Avnet in a research report on Wednesday, August 23rd. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $47.40.
Avnet Stock Performance
AVT opened at $47.76 on Tuesday. Avnet, Inc. has a 1 year low of $35.45 and a 1 year high of $51.65. The stock has a market cap of $4.37 billion, a P/E ratio of 5.78, a P/E/G ratio of 0.59 and a beta of 1.35. The firm has a fifty day moving average price of $48.26 and a 200 day moving average price of $45.68. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.53 and a quick ratio of 1.24.
Avnet (NASDAQ:AVT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 16th. The company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.41. The firm had revenue of $6.55 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Avnet had a return on equity of 16.88% and a net margin of 2.90%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.07 EPS. Equities research analysts anticipate that Avnet, Inc. will post 5.67 earnings per share for the current year.
Avnet Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 27th. Investors of record on Wednesday, September 13th will be issued a $0.31 dividend. This is a boost from Avnet’s previous quarterly dividend of $0.29. The ex-dividend date is Tuesday, September 12th. This represents a $1.24 annualized dividend and a yield of 2.60%. Avnet’s dividend payout ratio (DPR) is currently 14.99%.
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.
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