The Manufacturers Life Insurance Company Decreases Position in Avnet, Inc. (NASDAQ:AVT)

The Manufacturers Life Insurance Company lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,239 shares of the company’s stock after selling 1,506 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of Avnet worth $4,029,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Rise Advisors LLC bought a new position in Avnet in the 1st quarter valued at $29,000. Fifth Third Bancorp boosted its holdings in 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 purchasing an additional 214 shares during the period. Hexagon Capital Partners LLC boosted its holdings in 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 purchasing an additional 824 shares during the period. nVerses Capital LLC bought a new position in Avnet in the 2nd quarter valued at $77,000. Finally, GAMMA Investing LLC boosted its holdings in Avnet by 68.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock valued at $79,000 after purchasing an additional 620 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on AVT. Stifel Nicolaus raised their price target on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Truist Financial lifted their price objective on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company lifted their price objective on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th.

Avnet Stock Performance

Avnet stock opened at $54.00 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $4.88 billion, a PE ratio of 8.74 and a beta of 1.15. The firm has a fifty day simple moving average of $52.89 and a two-hundred day simple moving average of $51.90. Avnet, Inc. has a twelve month low of $42.67 and a twelve month 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 for the quarter, topping the consensus estimate of $0.95 by $0.27. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.06 earnings per share. Research analysts expect that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a $0.33 dividend. This is a boost from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.44%. Avnet’s payout ratio is presently 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.