Ontario Teachers Pension Plan Board Takes $209,000 Position in Avnet, Inc. (NASDAQ:AVT)

Ontario Teachers Pension Plan Board bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,841 shares of the company’s stock, valued at approximately $209,000.

Other hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp increased its stake in Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Avnet in the 3rd quarter valued at $51,000. nVerses Capital LLC purchased a new position in Avnet in the 2nd quarter valued at $77,000. Versant Capital Management Inc boosted its stake in Avnet by 729.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after purchasing an additional 1,350 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of 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 buying an additional 620 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Price Performance

Avnet stock opened at $54.45 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $54.05 and a 200 day moving average price of $53.27. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24. The stock has a market cap of $4.73 billion, a P/E ratio of 14.25, a PEG ratio of 0.97 and a beta of 1.16.

Avnet (NASDAQ:AVT) last announced its quarterly 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 business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the firm earned $1.61 EPS. The business’s revenue was down 11.5% compared to the same quarter last year. Sell-side analysts anticipate that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on AVT shares. Stifel Nicolaus boosted their price target 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. 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. Finally, Wells Fargo & Company upped their price target on Avnet from $40.00 to $45.00 and gave the company an “underweight” 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.