Truist Financial Corp Buys 2,799 Shares of Avnet, Inc. (NASDAQ:AVT)

Truist Financial Corp increased its stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 19.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,177 shares of the company’s stock after purchasing an additional 2,799 shares during the period. Truist Financial Corp’s holdings in Avnet were worth $620,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenhaven Associates Inc. acquired a new stake in Avnet during the third quarter worth about $48,490,000. Los Angeles Capital Management LLC increased its holdings in Avnet by 157.4% in the 2nd quarter. Los Angeles Capital Management LLC now owns 663,608 shares of the company’s stock valued at $28,456,000 after buying an additional 405,817 shares during the period. Millennium Management LLC increased its holdings in Avnet by 37.6% in the 2nd quarter. Millennium Management LLC now owns 1,071,018 shares of the company’s stock valued at $45,925,000 after buying an additional 292,882 shares during the period. Renaissance Technologies LLC bought a new position in Avnet in the 2nd quarter valued at about $10,561,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Avnet by 72.2% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 522,940 shares of the company’s stock valued at $22,424,000 after buying an additional 219,184 shares during the period. Institutional investors and hedge funds own 97.11% of the company’s stock.

Avnet Trading Up 1.4 %

Shares of Avnet stock opened at $43.99 on Monday. The company has a market cap of $4.03 billion, a price-to-earnings ratio of 5.65, a PEG ratio of 0.26 and a beta of 1.34. The company has a quick ratio of 1.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.45. The firm’s 50 day moving average is $43.33. Avnet, Inc. has a 1 year low of $35.45 and a 1 year high of $50.19.

Avnet (NASDAQ:AVT – Get Rating) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.09. The company had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.36 billion. Avnet had a net margin of 3.00% and a return on equity of 18.23%. The firm’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 EPS. As a group, research analysts anticipate that Avnet, Inc. will post 6.97 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 21st. Investors of record on Wednesday, December 7th were given a dividend of $0.29 per share. The ex-dividend date was Tuesday, December 6th. This represents a $1.16 annualized dividend and a yield of 2.64%. Avnet’s dividend payout ratio is presently 14.91%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. StockNews.com lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Stifel Nicolaus decreased their target price on shares of Avnet from $48.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, October 10th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat, Avnet presently has a consensus rating of “Hold” and an average target price of $44.86.

Avnet Company Profile

(Get Rating)

Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.