Wedge Capital Management L L P NC Has $3.32 Million Stock Position in Avnet, Inc. $AVT

Wedge Capital Management L L P NC grew its position in Avnet, Inc. (NASDAQ:AVT) by 8.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 62,551 shares of the company’s stock after purchasing an additional 4,758 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Avnet were worth $3,320,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Phillips Wealth Planners LLC bought a new stake in shares of Avnet in the 2nd quarter valued at $215,000. Assenagon Asset Management S.A. boosted its stake in Avnet by 3.9% during the second quarter. Assenagon Asset Management S.A. now owns 51,684 shares of the company’s stock worth $2,743,000 after acquiring an additional 1,921 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Avnet by 25.0% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 20,173 shares of the company’s stock worth $1,135,000 after acquiring an additional 4,033 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Avnet by 109.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after acquiring an additional 276 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Avnet by 329.1% during the first quarter. Voya Investment Management LLC now owns 233,645 shares of the company’s stock worth $11,236,000 after acquiring an additional 179,197 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Price Performance

AVT opened at $53.08 on Monday. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The stock has a market capitalization of $4.43 billion, a P/E ratio of 19.44, a P/E/G ratio of 0.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The company’s 50-day simple moving average is $53.70 and its two-hundred day simple moving average is $51.21.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. The firm had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 EPS. As a group, analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. This is an increase from Avnet’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. Avnet’s payout ratio is 51.28%.

Analysts Set New Price Targets

AVT has been the topic of several research analyst reports. Truist Financial increased their target price on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Bank of America upped their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, August 11th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Sell” and a consensus price target of $49.00.

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.