Brandes Investment Partners LP Has $623,000 Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Brandes Investment Partners LP lifted its position in shares of Avnet, Inc. (NASDAQ:AVT) by 31.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,098 shares of the company’s stock after buying an additional 2,880 shares during the quarter. Brandes Investment Partners LP’s holdings in Avnet were worth $623,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVT. Fifth Third Bancorp grew 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. Hsbc Holdings PLC increased its stake in shares of 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. Verdence Capital Advisors LLC increased its stake in shares of Avnet by 3.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after acquiring an additional 223 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in Avnet by 3.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after acquiring an additional 243 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Avnet by 1.9% during the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after acquiring an additional 243 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

AVT has been the topic of a number of research reports. Stifel Nicolaus upped their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Truist Financial raised their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company boosted their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $48.50.

Avnet Trading Down 0.1 %

Shares of AVT stock opened at $54.31 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. The firm has a market cap of $4.91 billion, a P/E ratio of 8.79 and a beta of 1.15. The company has a 50 day moving average of $52.79 and a 200-day moving average of $51.66. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.80.

Avnet (NASDAQ:AVT) last released its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (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 last year, the business posted $2.06 earnings per share. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. Sell-side analysts anticipate that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

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

Avnet Company 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.