Canada Pension Plan Investment Board Sells 46,800 Shares of Avnet, Inc. (NASDAQ:AVT)

Canada Pension Plan Investment Board lessened its position in Avnet, Inc. (NASDAQ:AVT) by 96.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,900 shares of the company’s stock after selling 46,800 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Avnet were worth $98,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. Rise Advisors LLC bought a new stake in shares of Avnet during the 1st quarter valued at $29,000. Fifth Third Bancorp boosted 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 acquiring an additional 214 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in Avnet by 1,113.5% in 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 during the period. nVerses Capital LLC purchased a new position in shares of Avnet during the second quarter valued at approximately $77,000. Finally, GAMMA Investing LLC boosted its position in shares of Avnet by 68.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Truist Financial raised their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company lifted their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus increased their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.50.

Avnet Stock Down 0.1 %

Avnet stock opened at $54.35 on Friday. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.80. The stock has a fifty day simple moving average of $52.78 and a two-hundred day simple moving average of $51.59. 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 cap of $4.79 billion, a price-to-earnings ratio of 8.79 and a beta of 1.15.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.22 EPS for the quarter, topping the consensus estimate 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%. Avnet’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period last year, the company earned $2.06 EPS. Equities analysts predict that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 annualized dividend and a yield of 2.43%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio (DPR) is currently 21.36%.

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.