Bank of New York Mellon Corp Has $59.02 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

Bank of New York Mellon Corp boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 7.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,146,207 shares of the company’s stock after purchasing an additional 75,302 shares during the quarter. Bank of New York Mellon Corp owned about 1.27% of Avnet worth $59,018,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new stake in Avnet in the first quarter valued at approximately $29,000. Fifth Third Bancorp grew its holdings in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after buying an additional 214 shares during the period. Hexagon Capital Partners LLC increased its position in shares of Avnet by 1,113.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after buying an additional 824 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Avnet by 40.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after buying an additional 420 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after acquiring an additional 620 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AVT. Truist Financial lifted their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company upped their target price 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. Finally, Stifel Nicolaus boosted their price target on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, Avnet currently has a consensus rating of “Hold” and a consensus price target of $48.50.

Insider Activity

In related news, SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the sale, the senior vice president now owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Avnet Price Performance

Shares of NASDAQ AVT opened at $55.18 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. The business has a 50-day moving average of $52.79 and a 200-day moving average of $50.76. The stock has a market capitalization of $4.99 billion, a price-to-earnings ratio of 8.93 and a beta of 1.16. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.80.

Avnet (NASDAQ:AVT) last issued its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the company earned $2.06 earnings per share. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. As a group, sell-side analysts predict that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is 21.36%.

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.