Avnet, Inc. (NASDAQ:AVT) Stock Position Raised by American Century Companies Inc.

American Century Companies Inc. boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 1.6% in the second quarter, Holdings Channel reports. The institutional investor owned 2,690,326 shares of the company’s stock after acquiring an additional 42,249 shares during the quarter. American Century Companies Inc.’s holdings in Avnet were worth $138,525,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. Rise Advisors LLC purchased a new stake in Avnet in the 1st quarter worth approximately $29,000. Fifth Third Bancorp lifted its position in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in Avnet by 1,113.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after buying an additional 824 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of 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 purchasing an additional 420 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Avnet during the 2nd quarter worth $77,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

NASDAQ:AVT opened at $50.64 on Friday. Avnet, Inc. has a 1 year low of $42.67 and a 1 year high of $55.80. The firm’s fifty day simple moving average is $52.78 and its 200 day simple moving average is $51.17. The company has a current ratio of 2.32, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $4.46 billion, a PE ratio of 8.19 and a beta of 1.15.

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

Avnet Increases Dividend

The company also recently announced 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. The ex-dividend date is Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 2.61%. Avnet’s dividend payout ratio (DPR) is presently 21.36%.

Analysts Set New Price Targets

Several brokerages have recently commented on AVT. Wells Fargo & Company increased their price target 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. Stifel Nicolaus increased their price target 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. Finally, Truist Financial increased their price target on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note 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 stock. According to data from MarketBeat.com, Avnet has a consensus rating of “Hold” and a consensus target price of $48.50.

Avnet Company 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.