Dark Forest Capital Management LP Has $295,000 Stake in Avnet, Inc. (NASDAQ:AVT)

Dark Forest Capital Management LP raised its stake in Avnet, Inc. (NASDAQ:AVT) by 12.3% during the second quarter, HoldingsChannel.com reports. The fund owned 5,737 shares of the company’s stock after acquiring an additional 627 shares during the quarter. Dark Forest Capital Management LP’s holdings in Avnet were worth $295,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of AVT. Rise Advisors LLC bought a new stake in Avnet in the first quarter valued at $29,000. Fifth Third Bancorp grew its position in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after acquiring an additional 214 shares during the period. Hexagon Capital Partners LLC grew its position in Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after acquiring an additional 824 shares during the period. nVerses Capital LLC bought a new stake in Avnet in the second quarter valued at $77,000. Finally, Versant Capital Management Inc grew its position in Avnet by 729.7% in the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after acquiring an additional 1,350 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $54.35 on Monday. The business has a fifty day moving average of $52.78 and a 200-day moving average of $51.61. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The firm has a market cap of $4.91 billion, a PE ratio of 8.79 and a beta of 1.15. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.80.

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. The firm had revenue of $5.56 billion during the quarter, compared to analyst estimates of $5.37 billion. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company’s revenue was down 15.1% on a year-over-year basis. During the same period last year, the company earned $2.06 earnings per share. On average, equities research analysts predict that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is presently 21.36%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVT. Truist Financial upped their price target on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus raised their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company raised their target price on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat, Avnet currently has an average rating of “Hold” and a consensus target price of $48.50.

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.