Capital Performance Advisors LLP Invests $51,000 in Avnet, Inc. (NASDAQ:AVT)

Capital Performance Advisors LLP bought a new position in Avnet, Inc. (NASDAQ:AVT) during the third quarter, HoldingsChannel.com reports. The fund bought 938 shares of the company’s stock, valued at approximately $51,000.

A number of other large investors have also recently made changes to their positions in AVT. Fifth Third Bancorp lifted its stake 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 last quarter. Hsbc Holdings PLC lifted its stake in shares of Avnet by 4.2% during the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock worth $280,000 after acquiring an additional 219 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in 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. grew its position in Avnet by 3.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock valued at $340,000 after acquiring an additional 243 shares during the last quarter. Finally, US Bancorp DE increased its stake in Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after purchasing an additional 243 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVT has been the subject of a number of recent analyst reports. Truist Financial boosted their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company lifted their price objective on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus upped their target price on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th.

Avnet Price Performance

AVT opened at $56.56 on Friday. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.05 and a beta of 1.16. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24. The business’s fifty day simple moving average is $53.60 and its 200-day simple moving average is $53.01.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. During the same period in the prior year, the business earned $1.61 EPS. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. On average, equities research analysts anticipate that Avnet, Inc. will post 4.14 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a dividend of $0.33 per share. The ex-dividend date was Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a yield of 2.33%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is currently 34.56%.

Avnet Company 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.