Paragon Capital Management Ltd increased its position in Avnet, Inc. (NASDAQ:AVT – Free Report) by 18.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 5,489 shares of the company’s stock after purchasing an additional 855 shares during the period. Paragon Capital Management Ltd’s holdings in Avnet were worth $277,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Avnet by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company’s stock valued at $438,893,000 after acquiring an additional 49,576 shares during the last quarter. BlackRock Inc. raised its stake in shares of Avnet by 3.8% during the first quarter. BlackRock Inc. now owns 9,062,435 shares of the company’s stock worth $409,622,000 after purchasing an additional 335,696 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Avnet by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,011,780 shares of the company’s stock worth $271,729,000 after purchasing an additional 77,731 shares during the last quarter. State Street Corp raised its stake in shares of Avnet by 4.2% during the first quarter. State Street Corp now owns 3,635,091 shares of the company’s stock worth $164,306,000 after purchasing an additional 147,113 shares during the last quarter. Finally, Greenhaven Associates Inc. raised its position in Avnet by 135.6% during the 1st quarter. Greenhaven Associates Inc. now owns 3,157,503 shares of the company’s stock worth $142,719,000 after buying an additional 1,817,333 shares during the last quarter. Hedge funds and other institutional investors own 95.34% of the company’s stock.
Avnet Price Performance
Shares of NASDAQ:AVT traded down $0.58 during trading on Friday, hitting $47.78. 1,042,716 shares of the stock were exchanged, compared to its average volume of 599,443. The company has a market cap of $4.37 billion, a PE ratio of 5.78, a P/E/G ratio of 0.58 and a beta of 1.35. The company has a current ratio of 2.53, a quick ratio of 1.24 and a debt-to-equity ratio of 0.63. The company has a fifty day moving average price of $48.30 and a two-hundred day moving average price of $45.64. Avnet, Inc. has a 12-month low of $35.45 and a 12-month high of $51.65.
Avnet Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 27th. Shareholders of record on Wednesday, September 13th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Tuesday, September 12th. This is an increase from Avnet’s previous quarterly dividend of $0.29. Avnet’s dividend payout ratio is 14.99%.
Analyst Upgrades and Downgrades
A number of brokerages have commented on AVT. Stifel Nicolaus upped their price objective on shares of Avnet from $45.00 to $50.00 and gave the stock a “hold” rating in a research report on Thursday, August 17th. Truist Financial increased their target price on Avnet from $49.00 to $50.00 and gave the stock a “hold” rating in a research note on Thursday, August 17th. StockNews.com initiated coverage on Avnet in a research note on Wednesday, August 23rd. They set a “hold” rating for the company. Finally, Wells Fargo & Company increased their price objective on Avnet from $37.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $47.40.
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.
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