Arizona State Retirement System Buys 431 Shares of Avnet, Inc. (NASDAQ:AVT)

Arizona State Retirement System grew its stake in Avnet, Inc. (NASDAQ:AVT) by 1.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,298 shares of the company’s stock after purchasing an additional 431 shares during the period. Arizona State Retirement System’s holdings in Avnet were worth $1,303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of AVT. Lind Value II ApS acquired a new position in shares of Avnet in the 2nd quarter worth approximately $62,394,000. Norges Bank acquired a new position in shares of Avnet in the 4th quarter worth approximately $51,065,000. William Blair Investment Management LLC acquired a new position in shares of Avnet in the 1st quarter worth approximately $36,601,000. Vanguard Group Inc. boosted its holdings in shares of Avnet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after acquiring an additional 519,478 shares in the last quarter. Finally, ARGA Investment Management LP boosted its holdings in shares of Avnet by 584.1% in the 1st quarter. ARGA Investment Management LP now owns 320,990 shares of the company’s stock worth $15,915,000 after acquiring an additional 274,071 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Down 0.2 %

NASDAQ:AVT opened at $49.99 on Friday. The stock’s fifty day moving average price is $52.78 and its two-hundred day moving average price is $51.14. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.80. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The company has a market cap of $4.52 billion, a price-to-earnings ratio of 8.09 and a beta of 1.15.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the business earned $2.06 EPS. The business’s revenue for the quarter was down 15.1% compared to the same quarter last year. On average, analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The business also recently declared 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 of this dividend is Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. This is an increase from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is 21.36%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVT shares. Truist Financial boosted their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus boosted their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company boosted their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Two 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, the stock has a consensus 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.