Louisiana State Employees Retirement System increased its holdings in shares of Avnet, Inc. (NASDAQ:AVT – Free Report) by 10.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,700 shares of the company’s stock after purchasing an additional 2,500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Avnet were worth $1,347,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of AVT. Amundi bought a new stake in Avnet in the 4th quarter valued at $37,000. Money Concepts Capital Corp acquired a new stake in Avnet in the fourth quarter valued at about $37,000. Quilter Plc acquired a new stake in Avnet in the first quarter valued at about $893,700,000. Dark Forest Capital Management LP acquired a new stake in Avnet in the fourth quarter valued at about $38,000. Finally, Quantbot Technologies LP acquired a new stake in Avnet in the first quarter valued at about $38,000. 95.34% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on AVT shares. StockNews.com started coverage on Avnet in a research note on Wednesday, August 23rd. They set a “hold” rating on the stock. Wells Fargo & Company lifted their price target on Avnet from $37.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Truist Financial lifted their price target on Avnet from $49.00 to $50.00 and gave the company a “hold” rating in a research note on Thursday, August 17th. Finally, Stifel Nicolaus lifted their price target on Avnet from $45.00 to $50.00 and gave the company a “hold” rating in a research note 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 MarketBeat.com, Avnet has a consensus rating of “Hold” and a consensus target price of $47.40.
Avnet Trading Down 1.7 %
Shares of AVT stock opened at $47.56 on Wednesday. The company has a market cap of $4.35 billion, a P/E ratio of 5.75, a PEG ratio of 0.59 and a beta of 1.34. The stock has a 50 day simple moving average of $48.04 and a two-hundred day simple moving average of $46.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.24 and a current ratio of 2.53. Avnet, Inc. has a fifty-two week low of $35.90 and a fifty-two week high of $51.65.
Avnet (NASDAQ:AVT – Get Free Report) last released its quarterly earnings data on Wednesday, August 16th. The company reported $2.06 EPS for the quarter, beating the consensus estimate of $1.65 by $0.41. The firm had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.27 billion. Avnet had a return on equity of 16.88% and a net margin of 2.90%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.07 earnings per share. Research analysts forecast that Avnet, Inc. will post 5.67 earnings per share for the current year.
Avnet Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 27th. Stockholders of record on Wednesday, September 13th were issued a dividend of $0.31 per share. This is an increase from Avnet’s previous quarterly dividend of $0.29. The ex-dividend date was Tuesday, September 12th. This represents a $1.24 annualized dividend and a dividend yield of 2.61%. Avnet’s payout ratio is currently 14.99%.
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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