SummerHaven Investment Management LLC Boosts Holdings in Avnet, Inc. $AVT

SummerHaven Investment Management LLC lifted its stake in Avnet, Inc. (NASDAQ:AVT) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,489 shares of the company’s stock after purchasing an additional 294 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Avnet were worth $822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its position in shares of Avnet by 109.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after purchasing an additional 276 shares during the last quarter. Legacy Advisors LLC purchased a new position in shares of Avnet in the 1st quarter worth about $26,000. TD Private Client Wealth LLC raised its position in shares of Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the last quarter. Curat Global LLC purchased a new position in shares of Avnet in the 1st quarter worth about $42,000. Finally, Global X Japan Co. Ltd. purchased a new position in shares of Avnet in the 1st quarter worth about $46,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Bank of America lifted their price target on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Truist Financial lifted their price objective on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Sell” and an average target price of $49.00.

Avnet Trading Up 0.7%

Avnet stock opened at $51.94 on Monday. The business has a 50-day simple moving average of $53.43 and a two-hundred day simple moving average of $51.36. The company has a market cap of $4.33 billion, a P/E ratio of 19.03, a P/E/G ratio of 0.39 and a beta of 1.08. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. The business had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 EPS. Analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Wednesday, September 17th were paid a dividend of $0.35 per share. This is a boost from Avnet’s previous quarterly dividend of $0.33. The ex-dividend date was Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. Avnet’s dividend payout ratio is presently 51.28%.

About Avnet

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.