Avnet, Inc. (NASDAQ:AVT) Holdings Lowered by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its stake in Avnet, Inc. (NASDAQ:AVT) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,748 shares of the company’s stock after selling 2,095 shares during the period. Mutual of America Capital Management LLC owned approximately 0.06% of Avnet worth $2,665,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Rise Advisors LLC acquired a new position in Avnet during the first quarter worth about $29,000. Fifth Third Bancorp boosted its position in shares of Avnet by 35.2% during 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 stake 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 last quarter. nVerses Capital LLC bought a new stake in shares of Avnet in the 2nd quarter worth approximately $77,000. Finally, GAMMA Investing LLC raised its holdings in shares of Avnet by 68.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Truist Financial lifted their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus upped their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $48.50.

Avnet Price Performance

Shares of NASDAQ:AVT opened at $53.09 on Wednesday. The company’s fifty day moving average is $52.75 and its two-hundred day moving average is $51.48. The company has a market cap of $4.80 billion, a P/E ratio of 8.59 and a beta of 1.15. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.80. 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 (NASDAQ:AVT) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $2.06 earnings per share. Avnet’s quarterly revenue was down 15.1% on a year-over-year basis. Equities analysts expect that Avnet, Inc. will post 4.57 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be issued 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 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is currently 21.36%.

About Avnet

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.