Avnet, Inc. (NASDAQ:AVT) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its stake in Avnet, Inc. (NASDAQ:AVT) by 5.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 20,700 shares of the company’s stock after selling 1,138 shares during the period. Thrivent Financial for Lutherans’ holdings in Avnet were worth $1,124,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in Avnet by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock worth $328,790,000 after purchasing an additional 39,558 shares during the period. Greenhaven Associates Inc. raised its position in shares of Avnet by 1.7% in the 2nd quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock worth $201,961,000 after buying an additional 63,801 shares during the period. American Century Companies Inc. boosted its holdings in Avnet by 1.6% in the second quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock valued at $138,525,000 after acquiring an additional 42,249 shares during the last quarter. AQR Capital Management LLC grew its position in Avnet by 34.7% during the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock valued at $94,713,000 after acquiring an additional 475,165 shares during the period. Finally, Earnest Partners LLC increased its stake in Avnet by 2.4% during the second quarter. Earnest Partners LLC now owns 1,477,680 shares of the company’s stock worth $76,086,000 after acquiring an additional 34,999 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of NASDAQ AVT opened at $54.71 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. Avnet, Inc. has a 1-year low of $43.62 and a 1-year high of $59.24. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.02 and a beta of 1.16. The business has a 50-day moving average of $54.34 and a 200-day moving average of $53.37.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period in the previous year, the company posted $1.61 EPS. Avnet’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities analysts anticipate that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Wednesday, December 4th. Avnet’s payout ratio is 34.55%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVT. Truist Financial lifted their price objective 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 lifted their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus increased their price objective 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.

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.