SG Americas Securities LLC Acquires 4,443 Shares of Avnet, Inc. (NASDAQ:AVT)

SG Americas Securities LLC increased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 27.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,524 shares of the company’s stock after purchasing an additional 4,443 shares during the period. SG Americas Securities LLC’s holdings in Avnet were worth $1,115,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in AVT. Brandes Investment Partners LP increased its stake in shares of Avnet by 31.2% in the 2nd quarter. Brandes Investment Partners LP now owns 12,098 shares of the company’s stock worth $623,000 after purchasing an additional 2,880 shares in the last quarter. Creative Planning boosted its position in shares of 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 acquiring an additional 2,122 shares during the last quarter. Susquehanna Fundamental Investments LLC grew its position in shares of Avnet by 24.8% during 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 position in shares of Avnet by 106.4% in the second quarter. Mackenzie Financial Corp now owns 54,519 shares of the company’s stock worth $2,807,000 after buying an additional 28,109 shares in the last quarter. Finally, Dark Forest Capital Management LP grew its holdings 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 valued at $295,000 after purchasing an additional 627 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Trading Down 1.1 %

NASDAQ AVT opened at $54.22 on Friday. The company has a 50 day moving average price of $52.98 and a 200 day moving average price of $51.98. 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 52 week low of $42.67 and a 52 week high of $55.80. The firm has a market cap of $4.90 billion, a PE ratio of 8.77 and a beta of 1.15.

Avnet (NASDAQ:AVT) last issued 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. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company’s quarterly revenue was down 15.1% on a year-over-year basis. During the same quarter last year, the company earned $2.06 earnings per share. As a group, sell-side analysts forecast that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently declared 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 was Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio is currently 21.36%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their price objective 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. Truist Financial boosted 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. Finally, Stifel Nicolaus lifted their price objective on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report 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.