Amalgamated Bank Sells 15,221 Shares of Avnet, Inc. (NASDAQ:AVT)

Amalgamated Bank reduced its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 26.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,407 shares of the company’s stock after selling 15,221 shares during the period. Amalgamated Bank’s holdings in Avnet were worth $2,249,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in Avnet by 35.2% during 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 in the last quarter. nVerses Capital LLC acquired a new stake in Avnet in the 2nd quarter valued at $77,000. Versant Capital Management Inc grew its position in Avnet by 729.7% in the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after acquiring an additional 1,350 shares during the period. GAMMA Investing LLC raised its stake in Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after acquiring an additional 620 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in shares of Avnet by 90.6% during the second quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company’s stock valued at $88,000 after acquiring an additional 814 shares during the period. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AVT. Stifel Nicolaus increased their target price on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company raised 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. Finally, 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.

Avnet Stock Down 1.7 %

Shares of NASDAQ AVT opened at $55.60 on Tuesday. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24. The firm’s 50-day simple moving average is $53.61 and its 200 day simple moving average is $53.07. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.04 and a beta of 1.16.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period in the prior year, the business earned $1.61 earnings per share. Avnet’s quarterly revenue was down 11.5% on a year-over-year basis. On average, research analysts expect that Avnet, Inc. will post 4.14 earnings per share for the current fiscal 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 represents a $1.32 dividend on an annualized basis and a yield of 2.37%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

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.