ClearAlpha Technologies LP Purchases 8,998 Shares of Avnet, Inc. (NASDAQ:AVT)

ClearAlpha Technologies LP grew its position in Avnet, Inc. (NASDAQ:AVT) by 81.7% during the third quarter, HoldingsChannel reports. The firm owned 20,012 shares of the company’s stock after buying an additional 8,998 shares during the period. ClearAlpha Technologies LP’s holdings in Avnet were worth $1,087,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of AVT. Fifth Third Bancorp increased 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 in the last quarter. Hsbc Holdings PLC increased its stake in shares of Avnet by 4.2% in the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after acquiring an additional 219 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in shares of Avnet by 3.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after acquiring an additional 223 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in Avnet by 4.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,128 shares of the company’s stock worth $367,000 after acquiring an additional 278 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its holdings in Avnet by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 15,069 shares of the company’s stock worth $776,000 after purchasing an additional 281 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVT. Truist Financial upped their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus increased their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company lifted their price target 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.

Avnet Price Performance

Shares of NASDAQ AVT opened at $54.71 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The firm’s 50-day simple moving average is $54.34 and its 200 day simple moving average is $53.37. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.02 and a beta of 1.16. Avnet, Inc. has a fifty-two week low of $43.62 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. Avnet’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.61 earnings per share. As a group, research analysts anticipate that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company 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 dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.41%. Avnet’s dividend payout ratio is currently 34.55%.

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.