Brandes Investment Partners LP Buys 2,880 Shares of Avnet, Inc. (NASDAQ:AVT)

Brandes Investment Partners LP increased its position in Avnet, Inc. (NASDAQ:AVT) by 31.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,098 shares of the company’s stock after acquiring an additional 2,880 shares during the quarter. Brandes Investment Partners LP’s holdings in Avnet were worth $623,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Creative Planning grew its position in Avnet by 12.2% during the second quarter. Creative Planning now owns 19,539 shares of the company’s stock worth $1,006,000 after buying an additional 2,122 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its position in shares of Avnet by 24.8% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 109,090 shares of the company’s stock valued at $5,617,000 after acquiring an additional 21,704 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Avnet by 106.4% during the second quarter. Mackenzie Financial Corp now owns 54,519 shares of the company’s stock worth $2,807,000 after purchasing an additional 28,109 shares in the last quarter. Dark Forest Capital Management LP increased its position in shares of Avnet by 12.3% in the second quarter. Dark Forest Capital Management LP now owns 5,737 shares of the company’s stock worth $295,000 after purchasing an additional 627 shares during the last quarter. Finally, Earnest Partners LLC raised its stake in Avnet by 2.4% in the second quarter. Earnest Partners LLC now owns 1,477,680 shares of the company’s stock valued at $76,086,000 after purchasing an additional 34,999 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 0.1 %

Shares of AVT opened at $54.31 on Tuesday. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.80. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 8.79 and a beta of 1.15. The firm has a 50 day moving average price of $52.79 and a 200-day moving average price of $51.66. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share 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 business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $2.06 earnings per share. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. As a group, equities research analysts forecast that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.43%. Avnet’s dividend payout ratio is currently 21.36%.

Analyst Ratings Changes

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

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.