Bank of Nova Scotia purchased a new stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) during the second quarter, HoldingsChannel.com reports. The firm purchased 18,057 shares of the company’s stock, valued at approximately $774,000.
Other hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in shares of Avnet in the 1st quarter valued at $38,000. Ellevest Inc. raised its stake in shares of Avnet by 110.9% in the 2nd quarter. Ellevest Inc. now owns 930 shares of the company’s stock valued at $40,000 after acquiring an additional 489 shares during the period. Pinebridge Investments L.P. raised its stake in shares of Avnet by 442.5% in the 2nd quarter. Pinebridge Investments L.P. now owns 1,085 shares of the company’s stock valued at $47,000 after acquiring an additional 885 shares during the period. EverSource Wealth Advisors LLC purchased a new position in shares of Avnet in the 2nd quarter valued at $59,000. Finally, Captrust Financial Advisors raised its stake in shares of Avnet by 29.3% in the 1st quarter. Captrust Financial Advisors now owns 3,298 shares of the company’s stock valued at $134,000 after acquiring an additional 747 shares during the period. Institutional investors and hedge funds own 98.89% of the company’s stock.
Avnet Trading Up 0.1 %
AVT opened at $44.21 on Friday. Avnet, Inc. has a 12-month low of $35.45 and a 12-month high of $50.19. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.04 and a quick ratio of 1.04. The stock has a market capitalization of $4.05 billion, a PE ratio of 5.68, a P/E/G ratio of 0.26 and a beta of 1.32. The firm’s fifty day moving average price is $39.84 and its 200 day moving average price is $42.38.
Avnet Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th will be given a $0.29 dividend. The ex-dividend date is Tuesday, December 6th. This represents a $1.16 annualized dividend and a dividend yield of 2.62%. Avnet’s payout ratio is 14.91%.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on AVT shares. Wells Fargo & Company downgraded shares of Avnet from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $45.00 to $35.00 in a research note on Friday, September 16th. Stifel Nicolaus cut their target price on shares of Avnet from $48.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, October 10th. Finally, StockNews.com cut shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $44.86.
Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.
- Get a free copy of the StockNews.com research report on Avnet (AVT)
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