Avnet, Inc. (NASDAQ:AVT) Shares Sold by Sei Investments Co.

Sei Investments Co. cut its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 637,819 shares of the company’s stock after selling 32,419 shares during the quarter. Sei Investments Co.’s holdings in Avnet were worth $32,841,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in shares of Avnet by 35.2% during 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 during the period. Hsbc Holdings PLC grew its stake in Avnet by 4.2% in the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after purchasing an additional 219 shares in the last quarter. Verdence Capital Advisors LLC increased its position in Avnet by 3.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after purchasing an additional 223 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Avnet by 3.7% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after purchasing an additional 243 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Avnet by 1.9% during the 1st quarter. US Bancorp DE now owns 13,124 shares of the company’s stock valued at $651,000 after buying an additional 243 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Trading Up 0.1 %

Shares of NASDAQ AVT opened at $52.84 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. The company’s fifty day moving average is $52.77 and its 200-day moving average is $51.44. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.80. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 8.55 and a beta of 1.15.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data 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 quarter in the previous year, the firm posted $2.06 earnings per share. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. Equities research analysts predict that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a yield of 2.50%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is 21.36%.

Analysts Set New Price Targets

AVT has been the topic of several analyst reports. Wells Fargo & Company increased their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Stifel Nicolaus increased their target price on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Truist Financial lifted their price target on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.50.

About Avnet

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.