Rhumbline Advisers cut its holdings in Avnet, Inc. (NASDAQ:AVT – Free Report) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 295,899 shares of the company’s stock after selling 5,204 shares during the quarter. Rhumbline Advisers owned 0.32% of Avnet worth $13,375,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVT. Greenhaven Associates Inc. lifted its position in Avnet by 135.6% in the 1st quarter. Greenhaven Associates Inc. now owns 3,157,503 shares of the company’s stock valued at $142,719,000 after acquiring an additional 1,817,333 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Avnet by 113.1% during the 4th quarter. LSV Asset Management now owns 2,999,484 shares of the company’s stock valued at $124,719,000 after buying an additional 1,591,846 shares during the period. Norges Bank bought a new position in shares of Avnet during the 4th quarter valued at $37,590,000. Dimensional Fund Advisors LP lifted its holdings in shares of Avnet by 8.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,934,049 shares of the company’s stock valued at $246,737,000 after buying an additional 458,855 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Avnet during the 4th quarter valued at $15,809,000. 95.34% of the stock is owned by institutional investors.
Avnet Stock Performance
AVT opened at $50.99 on Friday. The company has a 50 day simple moving average of $48.40 and a two-hundred day simple moving average of $45.21. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.53 and a quick ratio of 1.24. The firm has a market cap of $4.67 billion, a P/E ratio of 6.17, a PEG ratio of 0.61 and a beta of 1.37. Avnet, Inc. has a 1-year low of $35.45 and a 1-year high of $51.65.
Avnet Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 27th. Investors of record on Wednesday, September 13th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Tuesday, September 12th. This is an increase from Avnet’s previous quarterly dividend of $0.29. Avnet’s dividend payout ratio (DPR) is 14.03%.
Wall Street Analyst Weigh In
AVT has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on Avnet from $37.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday, August 17th. StockNews.com initiated coverage on Avnet in a report on Wednesday, August 23rd. They set a “hold” rating on the stock. Stifel Nicolaus increased their price target on Avnet from $45.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, August 17th. Finally, Truist Financial increased their price target on Avnet from $49.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, August 17th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $47.40.
Check Out Our Latest Stock Analysis on AVT
Avnet Profile
Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.
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