Louisiana State Employees Retirement System Cuts Position in Avnet, Inc. (NASDAQ:AVT)

Louisiana State Employees Retirement System cut its stake in Avnet, Inc. (NASDAQ:AVT) by 4.7% during the third quarter, HoldingsChannel reports. The fund owned 24,400 shares of the company’s stock after selling 1,200 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Avnet were worth $1,325,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in 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 buying an additional 519,478 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in 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 acquiring an additional 39,558 shares during the period. Greenhaven Associates Inc. lifted its position in 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 acquiring an additional 63,801 shares during the period. American Century Companies Inc. lifted its position in 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 acquiring an additional 42,249 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Avnet by 34.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock valued at $94,713,000 after buying an additional 475,165 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Truist Financial lifted their price target on 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 upped their price target on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

Avnet Stock Up 0.6 %

NASDAQ:AVT opened at $54.54 on Friday. The company has a quick ratio of 1.10, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average is $53.50 and its two-hundred day moving average is $52.66. Avnet, Inc. has a 52 week low of $42.67 and a 52 week high of $59.24. The stock has a market capitalization of $4.77 billion, a price-to-earnings ratio of 14.28 and a beta of 1.15.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the firm earned $1.61 earnings per share. Research analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a dividend of $0.33 per share. This is a positive change from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

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.