Capital Performance Advisors LLP Buys Shares of 938 Avnet, Inc. (NASDAQ:AVT)

Capital Performance Advisors LLP purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 938 shares of the company’s stock, valued at approximately $51,000.

A number of other hedge funds have also recently modified their holdings of the business. Norden Group LLC bought a new position in Avnet in the 1st quarter worth $272,000. BNP Paribas Financial Markets raised its holdings in Avnet by 253.1% in the 1st quarter. BNP Paribas Financial Markets now owns 63,653 shares of the company’s stock worth $3,156,000 after purchasing an additional 45,628 shares during the period. Texas Permanent School Fund Corp raised its holdings in Avnet by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 79,086 shares of the company’s stock worth $3,921,000 after purchasing an additional 920 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in Avnet by 3.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after purchasing an additional 243 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in Avnet in the 1st quarter worth $4,333,000. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Down 1.0 %

Shares of AVT stock opened at $56.56 on Friday. The company’s fifty day simple moving average is $53.60 and its two-hundred day simple moving average is $53.01. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The stock has a market cap of $4.92 billion, a P/E ratio of 14.81, a PEG ratio of 1.05 and a beta of 1.16. 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 posted its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.61 earnings per share. Analysts predict that Avnet, Inc. will post 4.14 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio is currently 34.56%.

Wall Street Analyst Weigh In

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

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.