Mutual Advisors LLC Has $1.38 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

Mutual Advisors LLC decreased its stake in Avnet, Inc. (NASDAQ:AVT) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,438 shares of the company’s stock after selling 289 shares during the period. Mutual Advisors LLC’s holdings in Avnet were worth $1,380,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AVT. Lind Value II ApS acquired a new position in Avnet in the 2nd quarter valued at approximately $62,394,000. William Blair Investment Management LLC acquired a new position in shares of Avnet in the first quarter valued at $36,601,000. Vanguard Group Inc. lifted its position in Avnet by 5.0% in the first 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. AQR Capital Management LLC boosted its stake in Avnet by 34.7% during the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after buying an additional 475,165 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in Avnet by 39.5% in the 2nd quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock valued at $28,995,000 after buying an additional 159,565 shares during the period. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

NASDAQ AVT opened at $54.54 on Friday. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $59.24. The company has a 50 day moving average of $53.50 and a 200-day moving average of $52.66. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 0.48. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 14.28 and a beta of 1.15.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. The firm had revenue of $5.60 billion during 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 business’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the firm posted $1.61 EPS. On average, equities analysts forecast 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 given a dividend of $0.33 per share. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 annualized dividend and a yield of 2.42%. Avnet’s dividend payout ratio is 34.56%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AVT. Truist Financial raised their price objective on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus lifted their price objective on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company increased their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th.

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.