Avnet, Inc. (NASDAQ:AVT) Shares Purchased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC raised its stake in Avnet, Inc. (NASDAQ:AVT) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,590 shares of the company’s stock after acquiring an additional 222 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Avnet were worth $735,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its stake in Avnet by 51.2% in the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock worth $73,306,000 after acquiring an additional 515,095 shares during the period. Assenagon Asset Management S.A. increased its stake in Avnet by 971.5% in the third quarter. Assenagon Asset Management S.A. now owns 437,210 shares of the company’s stock valued at $21,069,000 after purchasing an additional 396,405 shares during the last quarter. Victory Capital Management Inc. lifted its position in Avnet by 586.5% during the third quarter. Victory Capital Management Inc. now owns 259,092 shares of the company’s stock worth $12,486,000 after buying an additional 221,353 shares during the period. Tudor Investment Corp Et Al lifted its position in Avnet by 212.8% during the third quarter. Tudor Investment Corp Et Al now owns 228,857 shares of the company’s stock worth $11,029,000 after buying an additional 155,685 shares during the period. Finally, LSV Asset Management boosted its stake in Avnet by 5.3% in the 3rd quarter. LSV Asset Management now owns 3,077,468 shares of the company’s stock worth $148,303,000 after buying an additional 154,700 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group dropped their price objective on Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.50.

Avnet Price Performance

AVT opened at $49.96 on Tuesday. The firm has a market cap of $4.51 billion, a price-to-earnings ratio of 6.90, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24. The company’s 50-day moving average price is $47.69 and its 200 day moving average price is $47.36. The company has a quick ratio of 1.05, a current ratio of 2.34 and a debt-to-equity ratio of 0.55. Avnet, Inc. has a fifty-two week low of $40.00 and a fifty-two week high of $51.65.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 31st. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.39 by $0.01. The firm had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $6.15 billion. Avnet had a return on equity of 13.60% and a net margin of 2.62%. During the same period last year, the firm earned $2.00 EPS. As a group, sell-side analysts expect that Avnet, Inc. will post 5.25 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.48%. Avnet’s dividend payout ratio (DPR) is 17.13%.

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.