Pathstone Holdings LLC Increases Stake in Avnet, Inc. (NASDAQ:AVT)

Pathstone Holdings LLC grew its holdings in Avnet, Inc. (NASDAQ:AVT) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,247 shares of the company’s stock after acquiring an additional 769 shares during the period. Pathstone Holdings LLC owned 0.06% of Avnet worth $2,783,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. O Shaughnessy Asset Management LLC grew its stake in shares of Avnet by 4.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock valued at $325,000 after acquiring an additional 276 shares during the period. Redwood Investment Management LLC purchased a new stake in shares of Avnet in the first quarter worth $1,518,000. Tidal Investments LLC bought a new stake in shares of Avnet during the 1st quarter valued at $839,000. Comerica Bank lifted its stake in shares of Avnet by 4.5% during the 1st quarter. Comerica Bank now owns 41,099 shares of the company’s stock valued at $2,038,000 after buying an additional 1,767 shares in the last quarter. Finally, EMC Capital Management boosted its holdings in Avnet by 28.1% in the 1st quarter. EMC Capital Management now owns 9,149 shares of the company’s stock worth $454,000 after buying an additional 2,008 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

NASDAQ:AVT opened at $55.20 on Tuesday. The business’s 50-day moving average is $54.14 and its 200 day moving average is $53.32. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24. The company has a market capitalization of $4.80 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.02 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 (NASDAQ:AVT) last issued its quarterly earnings data 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 return on equity of 8.46% and a net margin of 1.51%. The business 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 firm earned $1.61 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities research analysts forecast that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.39%. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

Wall Street Analyst Weigh In

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