Assenagon Asset Management S.A. Sells 108,286 Shares of Avnet, Inc. (NASDAQ:AVT)

Assenagon Asset Management S.A. lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 71.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,587 shares of the company’s stock after selling 108,286 shares during the period. Assenagon Asset Management S.A.’s holdings in Avnet were worth $2,367,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVT. State of Michigan Retirement System boosted its holdings in Avnet by 2.3% during the first quarter. State of Michigan Retirement System now owns 22,205 shares of the company’s stock worth $1,101,000 after buying an additional 500 shares during the last quarter. Norden Group LLC bought a new position in shares of Avnet during the 1st quarter valued at about $272,000. BNP Paribas Financial Markets lifted its holdings in shares of Avnet by 253.1% during the 1st quarter. BNP Paribas Financial Markets now owns 63,653 shares of the company’s stock valued at $3,156,000 after purchasing an additional 45,628 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Avnet by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 79,086 shares of the company’s stock valued at $3,921,000 after purchasing an additional 920 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Avnet by 3.7% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock valued at $340,000 after purchasing an additional 243 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

AVT has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price objective on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. 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. Finally, 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.

Avnet Stock Down 6.0 %

Shares of Avnet stock opened at $54.21 on Friday. The firm has a market cap of $4.74 billion, a PE ratio of 10.02 and a beta of 1.15. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $59.24. The business’s 50 day simple moving average is $53.51 and its 200 day simple moving average is $52.61. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The business’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.61 EPS. On average, analysts predict that Avnet, Inc. will post 4.57 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. 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. This represents a $1.32 annualized dividend and a dividend yield of 2.43%. Avnet’s payout ratio is 24.40%.

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.