Bridgewater Associates LP Has $245,000 Stock Position in Avnet, Inc. (NASDAQ:AVT)

Bridgewater Associates LP reduced its holdings in Avnet, Inc. (NASDAQ:AVT) by 94.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,512 shares of the company’s stock after selling 84,482 shares during the quarter. Bridgewater Associates LP’s holdings in Avnet were worth $245,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Fifth Third Bancorp raised its stake in Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Avnet during the third quarter worth approximately $51,000. nVerses Capital LLC bought a new position in shares of Avnet in the 2nd quarter worth $77,000. GAMMA Investing LLC grew its position in Avnet by 68.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock valued at $79,000 after purchasing an additional 620 shares during the period. Finally, Hexagon Capital Partners LLC increased its stake in Avnet by 90.6% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company’s stock valued at $88,000 after purchasing an additional 814 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

Shares of AVT stock opened at $55.66 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The firm has a 50-day moving average of $54.40 and a 200-day moving average of $53.39. Avnet, Inc. has a one year low of $43.62 and a one year high of $59.24. The company has a market cap of $4.84 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.04 and a beta of 1.14.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same quarter last year, the business posted $1.61 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities research analysts forecast that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 annualized dividend and a yield of 2.37%. Avnet’s dividend payout ratio is currently 34.56%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective 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 raised their price target on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on Avnet from $50.00 to $55.00 and gave the stock 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.