Sei Investments Co. Trims Stock Position in Avnet, Inc. (NASDAQ:AVT)

Sei Investments Co. trimmed its holdings in Avnet, Inc. (NASDAQ:AVT) by 4.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 637,819 shares of the company’s stock after selling 32,419 shares during the period. Sei Investments Co. owned approximately 0.71% of Avnet worth $32,841,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. Rise Advisors LLC purchased a new stake in shares of Avnet in the 1st quarter valued at $29,000. Fifth Third Bancorp increased its stake in Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares during the period. Hexagon Capital Partners LLC lifted its position in shares of Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after purchasing an additional 824 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Avnet in the second quarter valued at approximately $77,000. Finally, GAMMA Investing LLC boosted its stake in shares of Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock valued at $79,000 after purchasing an additional 620 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Trading Up 0.1 %

Shares of AVT opened at $52.84 on Tuesday. The firm’s 50-day moving average is $52.77 and its two-hundred day moving average is $51.44. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.80. The company has a current ratio of 2.32, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $4.78 billion, a P/E ratio of 8.55 and a beta of 1.15.

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

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be given a $0.33 dividend. 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. This represents a $1.32 annualized dividend and a yield of 2.50%. Avnet’s dividend payout ratio (DPR) is 21.36%.

Analyst Upgrades and Downgrades

AVT has been the topic of a number of analyst reports. Wells Fargo & Company increased 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. Truist Financial raised their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus lifted their price target 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 analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $48.50.

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.