Federated Hermes Inc. Purchases 12,832 Shares of Avnet, Inc. (NASDAQ:AVT)

Federated Hermes Inc. boosted its position in Avnet, Inc. (NASDAQ:AVT) by 46.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 40,231 shares of the company’s stock after purchasing an additional 12,832 shares during the period. Federated Hermes Inc.’s holdings in Avnet were worth $2,071,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp lifted its stake in shares of Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares during the last quarter. Verdence Capital Advisors LLC lifted its position in Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after acquiring an additional 223 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Avnet by 3.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after acquiring an additional 243 shares during the period. US Bancorp DE grew its position in shares of Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock valued at $651,000 after purchasing an additional 243 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in shares of Avnet by 4.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock worth $325,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analysts Set New Price Targets

AVT has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Truist Financial boosted their target price 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. Finally, Stifel Nicolaus lifted 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. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, Avnet presently has a consensus rating of “Hold” and a consensus target price of $48.50.

Avnet Stock Up 0.5 %

AVT stock opened at $52.80 on Friday. The company has a market cap of $4.77 billion, a PE ratio of 8.54 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. The business has a 50-day simple moving average of $52.77 and a 200 day simple moving average of $51.30.

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

Avnet Increases Dividend

The firm also recently disclosed 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 is a boost from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.50%. Avnet’s payout ratio is currently 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.