Greenhaven Associates Inc. Acquires 2,314 Shares of Avnet, Inc. (NASDAQ:AVT)

Greenhaven Associates Inc. grew its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 0.1% in the third quarter, HoldingsChannel reports. The fund owned 3,924,652 shares of the company’s stock after buying an additional 2,314 shares during the period. Avnet makes up about 2.5% of Greenhaven Associates Inc.’s portfolio, making the stock its 10th largest holding. Greenhaven Associates Inc.’s holdings in Avnet were worth $213,148,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Eagle Investment Management LLC lifted its position in Avnet by 9.8% in the first quarter. First Eagle Investment Management LLC now owns 210,113 shares of the company’s stock worth $10,417,000 after purchasing an additional 18,700 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Avnet by 316.5% in the second quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company’s stock valued at $2,349,000 after buying an additional 34,675 shares during the period. Vanguard Group Inc. boosted its stake in Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock valued at $542,918,000 after buying an additional 519,478 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Avnet by 21.2% during the first quarter. Acadian Asset Management LLC now owns 170,937 shares of the company’s stock worth $8,474,000 after acquiring an additional 29,884 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Avnet in the first quarter worth about $4,333,000. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of AVT opened at $53.36 on Thursday. Avnet, Inc. has a one year low of $42.67 and a one year high of $55.80. The company has a 50-day moving average of $52.83 and a two-hundred day moving average of $51.72. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 8.63 and a beta of 1.15.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data 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. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.06 EPS. On average, equities research analysts expect that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 2.47%. Avnet’s dividend payout ratio (DPR) is presently 21.36%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company raised their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Finally, Truist Financial upped their price target on Avnet from $48.00 to $52.00 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 issued a hold rating to the stock. According to MarketBeat.com, Avnet presently has a consensus rating of “Hold” and an average target price of $48.50.

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.