Assenagon Asset Management S.A. Has $2.37 Million Position in Avnet, Inc. (NASDAQ:AVT)

Assenagon Asset Management S.A. cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 71.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,587 shares of the company’s stock after selling 108,286 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Avnet were worth $2,367,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AVT. Fifth Third Bancorp grew its holdings in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after buying an additional 214 shares in the last quarter. nVerses Capital LLC bought a new position in Avnet during the second quarter worth about $77,000. Versant Capital Management Inc boosted its holdings in Avnet by 729.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after purchasing an additional 1,350 shares during the period. GAMMA Investing LLC grew its position in shares of Avnet by 68.4% during 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. Finally, Hexagon Capital Partners LLC increased its holdings in shares of Avnet by 90.6% during the second quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company’s stock worth $88,000 after purchasing an additional 814 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $54.21 on Friday. Avnet, Inc. has a 1 year low of $42.67 and a 1 year high of $59.24. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 10.02 and a beta of 1.15. 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 company’s 50 day simple moving average is $53.51 and its 200 day simple moving average is $52.61.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter last year, the company posted $1.61 EPS. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, research analysts predict that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were issued a $0.33 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.43%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is 24.40%.

Analyst Ratings Changes

AVT has been the topic of a number of analyst reports. Truist Financial increased their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company increased their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price target on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

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.