Avnet, Inc. (NASDAQ:AVT) Stock Holdings Cut by Amalgamated Bank

Amalgamated Bank reduced its position in shares of Avnet, Inc. (NASDAQ:AVT) by 8.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,628 shares of the company’s stock after selling 5,133 shares during the period. Amalgamated Bank owned approximately 0.06% of Avnet worth $2,916,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC bought a new stake in shares of Avnet during the 1st quarter worth $29,000. Fifth Third Bancorp increased its stake in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after buying an additional 824 shares during the period. nVerses Capital LLC purchased a new stake in Avnet during the second quarter valued at about $77,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Avnet by 68.4% in 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 during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Trading Up 0.1 %

Avnet stock opened at $52.84 on Tuesday. 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 12 month low of $42.67 and a 12 month high of $55.80. The company’s fifty day simple moving average is $52.77 and its 200-day simple moving average is $51.44. The stock has a market cap of $4.78 billion, a P/E ratio of 8.55 and a beta of 1.15.

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

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio is presently 21.36%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wells Fargo & Company upped 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. Truist Financial lifted 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. Finally, Stifel Nicolaus increased their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $48.50.

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.