Creative Planning Purchases 2,122 Shares of Avnet, Inc. (NASDAQ:AVT)

Creative Planning lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 12.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,539 shares of the company’s stock after acquiring an additional 2,122 shares during the period. Creative Planning’s holdings in Avnet were worth $1,006,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AVT. Susquehanna Fundamental Investments LLC grew its position in Avnet by 24.8% in the second quarter. Susquehanna Fundamental Investments LLC now owns 109,090 shares of the company’s stock valued at $5,617,000 after purchasing an additional 21,704 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Avnet by 106.4% in the second quarter. Mackenzie Financial Corp now owns 54,519 shares of the company’s stock valued at $2,807,000 after acquiring an additional 28,109 shares during the last quarter. Dark Forest Capital Management LP lifted its stake in Avnet by 12.3% in the second quarter. Dark Forest Capital Management LP now owns 5,737 shares of the company’s stock valued at $295,000 after acquiring an additional 627 shares during the last quarter. Earnest Partners LLC lifted 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 acquiring an additional 34,999 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Avnet by 34.7% in the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock valued at $94,713,000 after acquiring an additional 475,165 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

NASDAQ AVT opened at $54.22 on Friday. The firm has a 50-day moving average of $52.98 and a 200-day moving average of $51.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The stock has a market cap of $4.90 billion, a PE ratio of 8.77 and a beta of 1.15. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.80.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Thursday, August 8th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the firm earned $2.06 earnings per share. Avnet’s revenue for the quarter was down 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.33 dividend. This is a positive change from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is currently 21.36%.

Analysts Set New Price Targets

A number of brokerages have commented on AVT. Wells Fargo & Company increased their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Truist Financial increased their price target on shares of 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 raised their target price on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th.

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.