Weiss Asset Management LP Has $13.83 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

Weiss Asset Management LP grew its position in Avnet, Inc. (NASDAQ:AVT) by 35.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 254,624 shares of the company’s stock after acquiring an additional 66,973 shares during the quarter. Weiss Asset Management LP owned 0.29% of Avnet worth $13,829,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in Avnet by 35.2% during 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. Hsbc Holdings PLC grew its position in Avnet by 4.2% in the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after acquiring an additional 219 shares during the period. Verdence Capital Advisors LLC raised its stake in Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after acquiring an additional 223 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Avnet by 4.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,128 shares of the company’s stock worth $367,000 after purchasing an additional 278 shares during the last quarter. Finally, SummerHaven Investment Management LLC increased its position in shares of Avnet by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 15,069 shares of the company’s stock worth $776,000 after purchasing an additional 281 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Down 1.1 %

NASDAQ:AVT opened at $54.67 on Friday. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 14.31, a P/E/G ratio of 1.04 and a beta of 1.14. 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 stock’s fifty day moving average price is $54.50 and its two-hundred day moving average price is $53.42. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last issued its quarterly 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 business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.61 earnings per share. On average, analysts anticipate that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is currently 34.55%.

Analyst Ratings Changes

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

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.