Avnet, Inc. (NASDAQ:AVT) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lowered its position in Avnet, Inc. (NASDAQ:AVT) by 5.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,700 shares of the company’s stock after selling 1,138 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 institutional investors also recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in Avnet during the first quarter worth $839,000. Comerica Bank lifted its stake in shares of Avnet by 4.5% in the first quarter. Comerica Bank now owns 41,099 shares of the company’s stock valued at $2,038,000 after purchasing an additional 1,767 shares during the period. Atria Investments Inc acquired a new stake in shares of Avnet in the first quarter valued at about $1,872,000. GAMMA Investing LLC boosted its holdings in Avnet by 68.4% during 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 in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Avnet by 316.5% during the second quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company’s stock worth $2,349,000 after buying an additional 34,675 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

AVT has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th. Truist Financial upped their target price 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 lifted their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th.

Avnet Stock Performance

NASDAQ AVT opened at $54.71 on Monday. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a fifty-two week low of $43.62 and a fifty-two week high of $59.24. The business has a fifty day moving average of $54.34 and a 200-day moving average of $53.37. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the company posted $1.61 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 annualized dividend and a yield of 2.41%. Avnet’s payout ratio is currently 34.55%.

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.