Bank of New York Mellon Corp lessened its stake in shares of Avnet, Inc. (NASDAQ:AVT – Get Rating) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,352,228 shares of the company’s stock after selling 14,078 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.48% of Avnet worth $48,842,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Ronald Blue Trust Inc. purchased a new stake in shares of Avnet during the second quarter valued at approximately $27,000. Quantbot Technologies LP purchased a new stake in shares of Avnet during the first quarter valued at approximately $38,000. Quadrant Capital Group LLC boosted its stake in shares of Avnet by 49.5% during the second quarter. Quadrant Capital Group LLC now owns 1,060 shares of the company’s stock valued at $45,000 after purchasing an additional 351 shares during the period. TCI Wealth Advisors Inc. boosted its stake in shares of Avnet by 29.2% during the third quarter. TCI Wealth Advisors Inc. now owns 1,397 shares of the company’s stock valued at $50,000 after purchasing an additional 316 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Avnet by 22.5% in the third quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock worth $61,000 after acquiring an additional 309 shares during the period. Hedge funds and other institutional investors own 97.11% of the company’s stock.
Avnet Stock Performance
Shares of Avnet stock opened at $42.95 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.31 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $3.92 billion, a P/E ratio of 4.82 and a beta of 1.36. The business has a fifty day simple moving average of $44.90 and a two-hundred day simple moving average of $42.12. Avnet, Inc. has a 12 month low of $35.45 and a 12 month high of $50.19.
Avnet Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Tuesday, February 28th. Avnet’s dividend payout ratio is currently 13.02%.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. Wells Fargo & Company raised their price target on Avnet from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, February 2nd. Citigroup raised their price target on Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, February 2nd. Finally, JPMorgan Chase & Co. raised their price target on Avnet from $45.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday, February 2nd. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, Avnet presently has a consensus rating of “Hold” and an average target price of $43.50.
Avnet Profile
Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.
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