Dimensional Fund Advisors LP lifted its position in shares of Avnet, Inc. (NASDAQ:AVT – Free Report) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,039,396 shares of the company’s stock after purchasing an additional 27,616 shares during the period. Dimensional Fund Advisors LP owned 6.61% of Avnet worth $304,685,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in AVT. Amundi acquired a new position in Avnet in the fourth quarter valued at about $37,000. Money Concepts Capital Corp acquired a new position in Avnet in the fourth quarter valued at about $37,000. Quilter Plc acquired a new position in Avnet in the first quarter valued at about $893,700,000. Quantbot Technologies LP acquired a new position in Avnet in the first quarter valued at about $38,000. Finally, Parkside Financial Bank & Trust raised its stake in Avnet by 45.5% in the first quarter. Parkside Financial Bank & Trust now owns 1,356 shares of the company’s stock valued at $61,000 after purchasing an additional 424 shares in the last quarter. 95.34% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. StockNews.com initiated coverage on shares of Avnet in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Stifel Nicolaus raised their price objective on shares of Avnet from $45.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, August 17th. Truist Financial increased their price target on Avnet from $49.00 to $50.00 and gave the company a “hold” rating in a research note on Thursday, August 17th. Finally, Wells Fargo & Company increased their price target on Avnet from $37.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Avnet currently has an average rating of “Hold” and an average price target of $47.40.
Avnet Trading Up 1.7 %
Shares of Avnet stock opened at $48.70 on Thursday. Avnet, Inc. has a 1 year low of $39.64 and a 1 year high of $51.65. The firm has a market cap of $4.41 billion, a PE ratio of 5.67, a P/E/G ratio of 0.56 and a beta of 1.34. The stock has a fifty day moving average price of $47.28 and a 200-day moving average price of $46.96. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.54 and a quick ratio of 1.20.
Avnet (NASDAQ:AVT – Get Free Report) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.11. Avnet had a return on equity of 15.26% and a net margin of 3.05%. The business had revenue of $6.30 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same period in the prior year, the company earned $2.00 earnings per share. Avnet’s revenue was down 6.7% compared to the same quarter last year. Equities research analysts anticipate that Avnet, Inc. will post 5.72 EPS for the current year.
Avnet Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 27th. Investors of record on Wednesday, September 13th were paid a dividend of $0.31 per share. This is a boost from Avnet’s previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Tuesday, September 12th. Avnet’s dividend payout ratio is presently 14.44%.
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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