Algert Global LLC Lowers Stake in Avnet, Inc. (NASDAQ:AVT)

Algert Global LLC cut its stake in Avnet, Inc. (NASDAQ:AVT) by 13.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 180,637 shares of the company’s stock after selling 29,257 shares during the period. Algert Global LLC owned about 0.21% of Avnet worth $9,810,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Avnet in the 3rd quarter worth approximately $51,000. nVerses Capital LLC purchased a new stake in Avnet in the second quarter worth approximately $77,000. GAMMA Investing LLC grew its position in Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock valued at $79,000 after acquiring an additional 620 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of Avnet by 729.7% during the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after acquiring an additional 1,350 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Trading Up 1.3 %

NASDAQ:AVT opened at $54.45 on Friday. The firm has a market capitalization of $4.73 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.00 and a beta of 1.16. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $54.05 and a 200 day moving average of $53.27. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same period in the prior year, the business posted $1.61 earnings per share. Avnet’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, research analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

Analysts Set New Price Targets

Several equities analysts recently commented on AVT shares. Truist Financial increased their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company raised their price objective on 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 boosted their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

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.