Avnet, Inc. (NASDAQ:AVT) Stake Cut by Lind Value II ApS

Lind Value II ApS lowered its stake in Avnet, Inc. (NASDAQ:AVT) by 9.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,093,416 shares of the company’s stock after selling 118,344 shares during the period. Avnet makes up approximately 25.5% of Lind Value II ApS’s portfolio, making the stock its 3rd largest position. Lind Value II ApS’s holdings in Avnet were worth $59,383,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Avnet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after purchasing an additional 519,478 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Avnet by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock worth $328,790,000 after purchasing an additional 39,558 shares during the period. Greenhaven Associates Inc. lifted its stake in shares of Avnet by 1.7% during the 2nd quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock worth $201,961,000 after purchasing an additional 63,801 shares during the period. American Century Companies Inc. lifted its stake in shares of Avnet by 1.6% during the 2nd quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock worth $138,525,000 after purchasing an additional 42,249 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Avnet by 34.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after purchasing an additional 475,165 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 1.4 %

NASDAQ AVT traded up $0.77 during trading hours on Friday, hitting $54.05. The company had a trading volume of 332,268 shares, compared to its average volume of 596,776. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.80. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of 8.75 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 firm’s 50 day moving average is $52.88 and its 200 day moving average is $51.78.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the firm earned $2.06 EPS. The firm’s quarterly revenue was down 15.1% compared to the same quarter last year. Sell-side analysts anticipate that Avnet, Inc. will post 4.57 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a $0.33 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.44%. The ex-dividend date was Wednesday, September 11th. Avnet’s dividend payout ratio is currently 21.36%.

Analyst Upgrades and Downgrades

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