Natixis Advisors LLC Acquires 1,014 Shares of Avnet, Inc. (NASDAQ:AVT)

Natixis Advisors LLC raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 8.5% during the second quarter, HoldingsChannel reports. The firm owned 12,941 shares of the company’s stock after purchasing an additional 1,014 shares during the period. Natixis Advisors LLC’s holdings in Avnet were worth $666,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of Avnet during the 1st quarter worth $29,000. Fifth Third Bancorp grew its stake in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after purchasing an additional 214 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after purchasing an additional 824 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Avnet by 40.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock valued at $73,000 after buying an additional 420 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Avnet in the 2nd quarter valued at about $77,000. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of Avnet stock opened at $49.99 on Friday. The company has a 50 day moving average price of $52.78 and a 200 day moving average price of $51.14. The firm has a market capitalization of $4.52 billion, a P/E ratio of 8.09 and a beta of 1.15. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. Avnet, Inc. has a 52 week low of $42.67 and a 52 week high of $55.80.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The business’s quarterly revenue was down 15.1% on a year-over-year basis. During the same quarter last year, the company posted $2.06 earnings per share. Sell-side analysts expect that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a yield of 2.64%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio is currently 21.36%.

Analyst Upgrades and Downgrades

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

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.