Swiss National Bank Lowers Stock Position in Avnet, Inc. (NASDAQ:AVT)

Swiss National Bank trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 176,500 shares of the company’s stock after selling 1,300 shares during the quarter. Swiss National Bank owned approximately 0.20% of Avnet worth $9,586,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. O Shaughnessy Asset Management LLC lifted its position 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 valued at $325,000 after buying an additional 276 shares during the last quarter. Redwood Investment Management LLC purchased a new position in Avnet in the first quarter worth $1,518,000. Innealta Capital LLC acquired a new position in shares of Avnet during the first quarter worth $228,000. Tidal Investments LLC purchased a new stake in shares of Avnet during the 1st quarter valued at $839,000. Finally, Comerica Bank boosted its position in shares of Avnet by 4.5% in the 1st quarter. Comerica Bank now owns 41,099 shares of the company’s stock worth $2,038,000 after purchasing an additional 1,767 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Up 1.3 %

Avnet stock opened at $54.45 on Monday. The stock has a 50-day moving average price of $54.05 and a 200 day moving average price of $53.29. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.16. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. The business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 EPS. Sell-side analysts anticipate that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s dividend payout ratio is currently 34.55%.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of research analyst reports. Truist Financial increased their price target on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company boosted their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus raised their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th.

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.