ProShare Advisors LLC Trims Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

ProShare Advisors LLC reduced its stake in Avnet, Inc. (NASDAQ:AVT) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 153,521 shares of the company’s stock after selling 9,852 shares during the period. ProShare Advisors LLC owned approximately 0.17% of Avnet worth $7,905,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. XTX Topco Ltd purchased a new stake in Avnet in the 2nd quarter valued at about $633,000. Kendall Capital Management raised its holdings in Avnet by 21.2% in the 2nd quarter. Kendall Capital Management now owns 118,843 shares of the company’s stock valued at $6,119,000 after buying an additional 20,810 shares during the period. Hsbc Holdings PLC grew its position in 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 acquiring an additional 219 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Avnet by 16.0% in the 2nd 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 in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Avnet by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock valued at $328,790,000 after acquiring an additional 39,558 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

Shares of Avnet stock opened at $53.09 on Wednesday. Avnet, Inc. has a one year low of $42.67 and a one year high of $55.80. The company has a market cap of $4.80 billion, a PE ratio of 8.59 and a beta of 1.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The business has a 50-day simple moving average of $52.75 and a 200-day simple moving average of $51.48.

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

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 11th. This is an increase from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.49%. Avnet’s payout ratio is currently 21.36%.

Analysts Set New Price Targets

Several research firms have weighed in on AVT. Wells Fargo & Company lifted their target price on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Truist Financial lifted their target price on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.