Ontario Teachers Pension Plan Board Buys Shares of 3,841 Avnet, Inc. (NASDAQ:AVT)

Ontario Teachers Pension Plan Board purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 3,841 shares of the company’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pathstone Holdings LLC raised its stake in shares of Avnet by 1.5% in the third quarter. Pathstone Holdings LLC now owns 51,247 shares of the company’s stock valued at $2,783,000 after acquiring an additional 769 shares in the last quarter. Natixis Advisors LLC raised its position in Avnet by 10.1% in the 3rd quarter. Natixis Advisors LLC now owns 14,243 shares of the company’s stock valued at $774,000 after purchasing an additional 1,302 shares in the last quarter. MQS Management LLC acquired a new stake in Avnet in the 3rd quarter valued at about $477,000. GSA Capital Partners LLP purchased a new position in shares of Avnet in the 3rd quarter valued at about $676,000. Finally, Nations Financial Group Inc. IA ADV grew its position in shares of Avnet by 6.0% during the third quarter. Nations Financial Group Inc. IA ADV now owns 8,656 shares of the company’s stock worth $470,000 after buying an additional 487 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

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

Avnet Price Performance

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 12 month low of $43.62 and a 12 month high of $59.24. The firm has a market capitalization of $4.73 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.97 and a beta of 1.16. The company’s fifty day moving average price is $54.05 and its 200 day moving average price is $53.27.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The business 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%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 earnings per share. As a group, sell-side analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s payout ratio is currently 34.56%.

About Avnet

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.