Texas Permanent School Fund Corp Has $3.69 Million Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Texas Permanent School Fund Corp cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 9.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,678 shares of the company’s stock after selling 7,408 shares during the period. Texas Permanent School Fund Corp owned about 0.08% of Avnet worth $3,691,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in Avnet during the 1st quarter worth approximately $29,000. Fifth Third Bancorp lifted its position in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares during the period. Hexagon Capital Partners LLC lifted its position in shares of Avnet by 1,113.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after purchasing an additional 824 shares during the period. Quadrant Capital Group LLC lifted its position in shares of Avnet by 40.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after purchasing an additional 420 shares during the period. Finally, nVerses Capital LLC acquired a new position in shares of Avnet in the 2nd quarter worth approximately $77,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVT has been the topic of a number of recent analyst reports. Truist Financial boosted their price target on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus boosted their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company boosted their target price on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Avnet currently has a consensus rating of “Hold” and a consensus target price of $48.50.

Avnet Stock Up 1.3 %

Avnet stock opened at $50.64 on Friday. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.80. The firm’s fifty day moving average is $52.78 and its 200 day moving average is $51.20. The company has a market capitalization of $4.46 billion, a PE ratio of 8.19 and a beta of 1.15.

Avnet (NASDAQ:AVT) last released its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. The company had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. Avnet’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.06 EPS. As a group, sell-side analysts predict that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio 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.