Avnet, Inc. (NASDAQ:AVT) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale decreased its holdings in Avnet, Inc. (NASDAQ:AVT) by 82.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 682 shares of the company’s stock after selling 3,290 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Avnet were worth $35,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fifth Third Bancorp boosted its stake in Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after acquiring an additional 214 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Avnet by 3.3% during the second 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 shares of Avnet by 3.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after acquiring an additional 243 shares during the last quarter. US Bancorp DE increased its holdings in shares of Avnet by 1.9% in the 1st quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after acquiring an additional 243 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its position in Avnet by 4.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock valued at $325,000 after purchasing an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AVT shares. Wells Fargo & Company raised their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Truist Financial raised their target price on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $48.50.

Avnet Trading Up 0.5 %

Avnet stock opened at $52.80 on Friday. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.80. The stock has a market capitalization of $4.77 billion, a PE ratio of 8.54 and a beta of 1.15. The firm has a 50 day simple moving average of $52.77 and a 200-day simple moving average of $51.34. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm earned $2.06 EPS. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. As a group, equities research analysts expect that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be paid a $0.33 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.50%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio is currently 21.36%.

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.