Hennessy Advisors Inc. Purchases Shares of 2,231 Avnet, Inc. $AVT

Hennessy Advisors Inc. purchased a new stake in Avnet, Inc. (NASDAQ:AVTFree Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,231 shares of the company’s stock, valued at approximately $118,000.

Several other large investors have also recently bought and sold shares of the stock. Hilltop National Bank bought a new position in Avnet in the 2nd quarter valued at about $146,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Avnet by 83.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,914 shares of the company’s stock valued at $102,000 after acquiring an additional 873 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Avnet by 74.8% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 70,040 shares of the company’s stock valued at $3,718,000 after acquiring an additional 29,962 shares during the period. SummerHaven Investment Management LLC raised its holdings in Avnet by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 15,489 shares of the company’s stock valued at $822,000 after acquiring an additional 294 shares during the period. Finally, Kendall Capital Management raised its holdings in Avnet by 4.2% in the 2nd quarter. Kendall Capital Management now owns 149,475 shares of the company’s stock valued at $7,934,000 after acquiring an additional 6,030 shares during the period. 95.78% of the stock is owned by institutional investors.

Avnet Stock Performance

NASDAQ AVT opened at $51.86 on Monday. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of 19.00, a P/E/G ratio of 0.38 and a beta of 1.06. The firm’s 50 day simple moving average is $53.19 and its 200 day simple moving average is $51.48. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24.

Avnet (NASDAQ:AVTGet Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.09. The business had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. As a group, research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were given a $0.35 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, September 17th. Avnet’s dividend payout ratio (DPR) is 51.28%.

Wall Street Analysts Forecast Growth

AVT has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Avnet in a report on Saturday, September 27th. Bank of America increased their target price on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Finally, Truist Financial increased their target price on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $49.00.

Read Our Latest Analysis on AVT

Avnet Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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