Thrivent Financial for Lutherans Decreases Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Thrivent Financial for Lutherans reduced its holdings in Avnet, Inc. (NASDAQ:AVT) by 3.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,838 shares of the company’s stock after selling 807 shares during the period. Thrivent Financial for Lutherans’ holdings in Avnet were worth $1,124,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Avnet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock valued at $542,918,000 after buying an additional 519,478 shares during the period. Dimensional Fund Advisors LP raised its stake 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 valued at $328,790,000 after acquiring an additional 39,558 shares during the period. Greenhaven Associates Inc. lifted its holdings in shares of Avnet by 1.7% in the 2nd quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock worth $201,961,000 after acquiring an additional 63,801 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Avnet by 1.6% in the 2nd quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock worth $138,525,000 after acquiring an additional 42,249 shares during the last quarter. Finally, Earnest Partners LLC boosted its stake in shares of Avnet by 2.1% during the 1st quarter. Earnest Partners LLC now owns 1,442,681 shares of the company’s stock worth $71,528,000 after purchasing an additional 29,710 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVT. Wells Fargo & Company raised their price objective on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th. Truist Financial raised their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus upped their price objective on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

Avnet Stock Performance

Avnet stock opened at $54.05 on Friday. 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 company has a market capitalization of $4.89 billion, a PE ratio of 8.75 and a beta of 1.15. The company has a 50 day moving average price of $52.88 and a 200-day moving average price of $51.78. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.80.

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

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.44%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is presently 21.36%.

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.