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

Algert Global LLC lessened its position in Avnet, Inc. (NASDAQ:AVT) by 13.9% in the third quarter, HoldingsChannel reports. The firm owned 180,637 shares of the company’s stock after selling 29,257 shares during the quarter. Algert Global LLC’s holdings in Avnet were worth $9,810,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AVT. Truist Financial increased their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company increased their price objective on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus lifted their target price on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th.

Avnet Trading Up 1.3 %

Shares of NASDAQ:AVT opened at $54.45 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. Avnet, Inc. has a 1 year low of $43.62 and a 1 year high of $59.24. The company has a market cap of $4.73 billion, a P/E ratio of 14.25, a PEG ratio of 1.00 and a beta of 1.16. The stock’s fifty day moving average price is $54.05 and its 200-day moving average price is $53.27.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the firm posted $1.61 EPS. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. Sell-side analysts expect that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Dividend Announcement

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

Avnet Profile

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.