nVerses Capital LLC Makes New Investment in Avnet, Inc. (NASDAQ:AVT)

nVerses Capital LLC acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 1,500 shares of the company’s stock, valued at approximately $77,000.

A number of other large investors also recently modified their holdings of the company. Rise Advisors LLC bought a new position in Avnet during the first quarter valued at approximately $29,000. Fifth Third Bancorp boosted its stake in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after purchasing an additional 214 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after purchasing an additional 824 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Avnet by 40.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock valued at $73,000 after purchasing an additional 420 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Avnet by 729.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after purchasing an additional 1,350 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Avnet

In related news, SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the transaction, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Truist Financial increased their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus increased their target price on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.50.

Avnet Trading Down 5.5 %

NASDAQ:AVT opened at $52.17 on Wednesday. The company has a 50-day moving average price of $52.85 and a 200-day moving average price of $50.97. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.80. The company has a current ratio of 2.32, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 8.44 and a beta of 1.16.

Avnet (NASDAQ:AVT) last posted its earnings results on Thursday, August 8th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $0.95 by $0.27. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The firm had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the company posted $2.06 EPS. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. Equities analysts predict that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be given a dividend of $0.33 per share. This is a boost from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is 21.36%.

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.