Intech Investment Management LLC Trims Position in Avnet, Inc. (NASDAQ:AVT)

Intech Investment Management LLC trimmed its position in shares of Avnet, Inc. (NASDAQ:AVT) by 25.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,977 shares of the company’s stock after selling 1,354 shares during the period. Intech Investment Management LLC’s holdings in Avnet were worth $216,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AVT. Lind Value II ApS bought a new position in Avnet in the 2nd quarter worth approximately $62,394,000. AQR Capital Management LLC boosted its position in shares of Avnet by 34.7% during the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after acquiring an additional 475,165 shares during the last quarter. Raymond James & Associates grew its stake in Avnet by 39.5% during the second quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock valued at $28,995,000 after acquiring an additional 159,565 shares in the last quarter. Great Lakes Advisors LLC increased its holdings in Avnet by 2,607.9% in the 2nd quarter. Great Lakes Advisors LLC now owns 163,449 shares of the company’s stock valued at $8,416,000 after acquiring an additional 157,413 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its stake in Avnet by 146.5% in the 2nd quarter. Squarepoint Ops LLC now owns 231,715 shares of the company’s stock worth $11,931,000 after purchasing an additional 137,720 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Down 0.8 %

Shares of NASDAQ:AVT opened at $54.21 on Friday. The company has a market cap of $4.71 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 1.04 and a beta of 1.14. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $54.50 and a 200 day moving average price of $53.43.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter in the previous year, the business earned $1.61 EPS. The company’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, equities research analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Dividend Announcement

The company 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 dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is 34.55%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wells Fargo & Company raised their price objective on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Truist Financial raised 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 upped 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 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.