Avnet, Inc. (NASDAQ:AVT) Shares Sold by River Global Investors LLP

River Global Investors LLP lessened its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 25.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 13,347 shares of the company’s stock after selling 4,452 shares during the quarter. River Global Investors LLP’s holdings in Avnet were worth $725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Norden Group LLC purchased a new stake in Avnet in the 1st quarter valued at approximately $272,000. BNP Paribas Financial Markets boosted its stake in shares of Avnet by 253.1% in the first quarter. BNP Paribas Financial Markets now owns 63,653 shares of the company’s stock valued at $3,156,000 after buying an additional 45,628 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in Avnet by 1.2% during the first quarter. Texas Permanent School Fund Corp now owns 79,086 shares of the company’s stock worth $3,921,000 after acquiring an additional 920 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Avnet by 3.7% in the first 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 period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Avnet during the 1st quarter worth $4,333,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Avnet Price Performance

NASDAQ AVT traded down $0.57 during trading hours on Friday, reaching $56.56. The company’s stock had a trading volume of 610,177 shares, compared to its average volume of 654,222. 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 has a market cap of $4.92 billion, a PE ratio of 14.81, a PEG ratio of 1.05 and a beta of 1.16. The company’s 50-day moving average is $53.60 and its two-hundred day moving average is $53.01. Avnet, Inc. has a fifty-two week low of $43.62 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping 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 business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same period last year, the company posted $1.61 EPS. The company’s revenue was down 11.5% on a year-over-year basis. Analysts forecast that Avnet, Inc. will post 4.14 EPS for the current year.

Avnet Increases Dividend

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