Janney Montgomery Scott LLC purchased a new stake in Avnet, Inc. (NASDAQ:AVT – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,188 shares of the company’s stock, valued at approximately $464,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Amundi purchased a new stake in shares of Avnet during the 4th quarter worth $37,000. Money Concepts Capital Corp purchased a new stake in shares of Avnet during the 4th quarter worth $37,000. Quilter Plc purchased a new stake in shares of Avnet during the 1st quarter worth $893,700,000. Quantbot Technologies LP purchased a new stake in shares of Avnet during the 1st quarter worth $38,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Avnet by 45.5% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,356 shares of the company’s stock worth $61,000 after purchasing an additional 424 shares during the last quarter. Hedge funds and other institutional investors own 95.34% of the company’s stock.
Wall Street Analyst Weigh In
AVT has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Avnet from $37.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. Truist Financial upped their price objective on shares of Avnet from $49.00 to $50.00 and gave the company a “hold” rating in a research note on Thursday, August 17th. StockNews.com assumed coverage on shares of Avnet in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Stifel Nicolaus upped their price objective on shares of Avnet from $45.00 to $50.00 and gave the company a “hold” rating in a research note on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, Avnet currently has an average rating of “Hold” and a consensus target price of $47.40.
Avnet Stock Up 0.4 %
Shares of NASDAQ AVT opened at $45.89 on Tuesday. Avnet, Inc. has a 1 year low of $39.27 and a 1 year high of $51.65. The firm’s 50 day moving average price is $48.12 and its 200 day moving average price is $46.58. The firm has a market cap of $4.19 billion, a P/E ratio of 5.55, a price-to-earnings-growth ratio of 0.56 and a beta of 1.34. 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 (NASDAQ:AVT – Get Free Report) last announced its earnings results on Wednesday, August 16th. The company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.41. The firm had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.27 billion. Avnet had a net margin of 2.90% and a return on equity of 16.88%. Avnet’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.07 earnings per share. As a group, sell-side analysts anticipate that Avnet, Inc. will post 5.67 earnings per share for the current year.
Avnet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 27th. Stockholders of record on Wednesday, September 13th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Tuesday, September 12th. This is an increase from Avnet’s previous quarterly dividend of $0.29. Avnet’s dividend payout ratio (DPR) is currently 14.99%.
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.
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