State of New Jersey Common Pension Fund D Has $1.96 Million Stake in Avnet, Inc. (NASDAQ:AVT)

State of New Jersey Common Pension Fund D lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 36,052 shares of the company’s stock after buying an additional 1,210 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Avnet were worth $1,958,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock valued at $542,918,000 after buying an additional 519,478 shares during the period. Dimensional Fund Advisors LP lifted its position in Avnet by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock valued at $328,790,000 after purchasing an additional 39,558 shares during the last quarter. Greenhaven Associates Inc. lifted its position in Avnet by 1.7% in the second quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock valued at $201,961,000 after purchasing an additional 63,801 shares during the last quarter. American Century Companies Inc. lifted its position in Avnet by 1.6% in the second quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock valued at $138,525,000 after purchasing an additional 42,249 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Avnet by 34.7% during the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock valued at $94,713,000 after acquiring an additional 475,165 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Up 0.1 %

Avnet stock opened at $53.07 on Monday. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.16. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The business’s 50-day moving average price is $53.73 and its 200 day moving average price is $53.19. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the business posted $1.61 earnings per share. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Avnet, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVT. Truist Financial increased their price objective on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company raised their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus raised their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th.

About Avnet

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.