Cwm LLC Has $460,000 Stock Position in Avnet, Inc. (NASDAQ:AVT)

Cwm LLC lifted its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 58.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,463 shares of the company’s stock after buying an additional 3,132 shares during the period. Cwm LLC’s holdings in Avnet were worth $460,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Fifth Third Bancorp increased 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 worth $42,000 after purchasing an additional 214 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Avnet by 4.2% during the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock worth $280,000 after purchasing an additional 219 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Avnet by 3.3% during 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. increased 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 during the last quarter. Finally, US Bancorp DE increased its stake in shares of Avnet by 1.9% during the 1st quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after purchasing an additional 243 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

AVT has been the topic of several analyst reports. Truist Financial raised their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company raised their target price 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. Finally, Stifel Nicolaus raised 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.

Avnet Price Performance

Shares of Avnet stock opened at $54.66 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.84. The firm has a fifty day moving average price of $53.45 and a two-hundred day moving average price of $52.28. The company has a market cap of $4.94 billion, a PE ratio of 8.84 and a beta of 1.15.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, beating 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 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 business’s revenue was down 15.1% on a year-over-year basis. Analysts expect that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.33 dividend. The ex-dividend date was Wednesday, September 11th. This is an increase from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 2.41%. Avnet’s dividend payout ratio is 21.36%.

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.