Rhumbline Advisers boosted its stake in Avnet, Inc. (NASDAQ:AVT – Free Report) by 0.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 296,228 shares of the company’s stock after acquiring an additional 329 shares during the period. Rhumbline Advisers’ holdings in Avnet were worth $14,945,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Treasurer of the State of North Carolina increased its stake in shares of Avnet by 0.7% in the 1st quarter. Treasurer of the State of North Carolina now owns 39,755 shares of the company’s stock worth $1,797,000 after acquiring an additional 280 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Avnet by 1.0% during the second quarter. Teacher Retirement System of Texas now owns 30,312 shares of the company’s stock valued at $1,529,000 after purchasing an additional 294 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Avnet by 19.4% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 1,850 shares of the company’s stock worth $84,000 after purchasing an additional 300 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Avnet by 3.9% in the 1st quarter. Jane Street Group LLC now owns 8,498 shares of the company’s stock worth $345,000 after buying an additional 317 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Avnet by 5.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,659 shares of the company’s stock valued at $301,000 after buying an additional 351 shares in the last quarter. 95.34% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have commented on AVT shares. Truist Financial boosted their target price on Avnet from $49.00 to $50.00 and gave the stock a “hold” rating in a report on Thursday, August 17th. Stifel Nicolaus lifted their target price on shares of Avnet from $45.00 to $50.00 and gave the stock a “hold” rating in a report on Thursday, August 17th. StockNews.com began coverage on shares of Avnet in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Avnet from $37.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, August 17th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, Avnet currently has an average rating of “Hold” and an average price target of $47.40.
Avnet Price Performance
NASDAQ AVT opened at $47.76 on Monday. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 5.56, a PEG ratio of 0.59 and a beta of 1.34. Avnet, Inc. has a 1-year low of $39.64 and a 1-year high of $51.65. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.54 and a quick ratio of 1.20. The business’s fifty day moving average price is $47.27 and its 200-day moving average price is $47.08.
Avnet (NASDAQ:AVT – Get Free Report) last announced its earnings results on Wednesday, November 1st. The company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.11. Avnet had a return on equity of 15.26% and a net margin of 3.05%. The business had revenue of $6.30 billion for the quarter, compared to analysts’ expectations of $6.35 billion. During the same period last year, the firm posted $2.00 earnings per share. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. On average, equities analysts predict that Avnet, Inc. will post 5.72 earnings per share for the current year.
Avnet Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be given a $0.31 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $1.24 annualized dividend and a yield of 2.60%. Avnet’s payout ratio is presently 14.44%.
Avnet Company 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.
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