New York State Teachers Retirement System Lowers Stock Position in Avnet, Inc. (NASDAQ:AVT)

New York State Teachers Retirement System cut its position in shares of Avnet, Inc. (NASDAQ:AVT) by 1.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 112,229 shares of the company’s stock after selling 1,096 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of Avnet worth $6,095,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in Avnet by 0.9% in the third quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company’s stock worth $2,890,000 after purchasing an additional 455 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Avnet by 442.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock worth $200,000 after buying an additional 3,015 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Avnet by 318.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 17,897 shares of the company’s stock valued at $972,000 after buying an additional 13,615 shares during the period. Highland Capital Management LLC purchased a new stake in Avnet during the third quarter worth about $216,000. Finally, Blue Trust Inc. raised its position in Avnet by 29.3% in the third quarter. Blue Trust Inc. now owns 3,874 shares of the company’s stock worth $199,000 after acquiring an additional 879 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AVT. Truist Financial boosted their target price 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 objective on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price target on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

Avnet Stock Down 1.0 %

AVT stock opened at $54.00 on Tuesday. The company’s 50 day moving average is $53.50 and its 200 day moving average is $52.74. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 14.14 and a beta of 1.15. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a 1-year low of $43.62 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter last year, the company posted $1.61 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. Sell-side analysts predict that Avnet, Inc. will post 4.53 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were paid a $0.33 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $1.32 annualized dividend and a yield of 2.44%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is currently 34.56%.

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.