Kendall Capital Management Raises Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Kendall Capital Management grew its stake in Avnet, Inc. (NASDAQ:AVT) by 21.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,843 shares of the company’s stock after acquiring an additional 20,810 shares during the quarter. Avnet accounts for 2.0% of Kendall Capital Management’s holdings, making the stock its 7th biggest position. Kendall Capital Management owned 0.13% of Avnet worth $6,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Hsbc Holdings PLC increased its position in shares of Avnet by 4.2% in the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after buying an additional 219 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Avnet by 16.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,670 shares of the company’s stock valued at $1,062,000 after acquiring an additional 2,851 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Avnet by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock worth $328,790,000 after acquiring an additional 39,558 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Avnet by 8.3% during the second quarter. Envestnet Asset Management Inc. now owns 159,985 shares of the company’s stock worth $8,238,000 after purchasing an additional 12,238 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Avnet by 44.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 58,011 shares of the company’s stock valued at $2,987,000 after purchasing an additional 17,983 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on AVT shares. Truist Financial raised their target price on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company boosted their price objective 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 upped their target price on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.50.

Avnet Price Performance

Shares of AVT opened at $51.09 on Thursday. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.80. The stock has a market capitalization of $4.62 billion, a P/E ratio of 8.27 and a beta of 1.15. The company has a 50 day moving average of $52.79 and a 200-day moving average of $51.30.

Avnet (NASDAQ:AVT) last released its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the firm earned $2.06 earnings per share. The firm’s revenue for the quarter was down 15.1% compared to the same quarter last year. As a group, equities research analysts forecast that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.58%. Avnet’s dividend payout ratio is 21.36%.

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.