ARGA Investment Management LP Decreases Stock Position in Avnet, Inc. (NASDAQ:AVT)

ARGA Investment Management LP trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 54.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 147,118 shares of the company's stock after selling 173,872 shares during the period. ARGA Investment Management LP owned approximately 0.17% of Avnet worth $7,990,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of AVT. Lind Value II ApS bought a new position in Avnet during the second quarter valued at approximately $62,394,000. AQR Capital Management LLC lifted its holdings in shares of Avnet by 34.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company's stock valued at $94,713,000 after buying an additional 475,165 shares during the period. Raymond James & Associates boosted its stake in shares of Avnet by 39.5% in the 2nd quarter. Raymond James & Associates now owns 563,127 shares of the company's stock worth $28,995,000 after buying an additional 159,565 shares during the last quarter. Great Lakes Advisors LLC grew its holdings in shares of Avnet by 2,607.9% in the second quarter. Great Lakes Advisors LLC now owns 163,449 shares of the company's stock worth $8,416,000 after acquiring an additional 157,413 shares during the period. Finally, Squarepoint Ops LLC increased its position in Avnet by 146.5% during the second quarter. Squarepoint Ops LLC now owns 231,715 shares of the company's stock valued at $11,931,000 after acquiring an additional 137,720 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Avnet from $40.00 to $45.00 and gave the company an "underweight" rating in a research note on Friday, August 9th. Truist Financial boosted their target price on shares of Avnet from $48.00 to $52.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus increased their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, August 9th.

Avnet Stock Performance

Shares of AVT stock traded up $0.48 during trading hours on Friday, reaching $54.71. 306,412 shares of the company traded hands, compared to its average volume of 601,350. The firm has a 50-day moving average price of $54.34 and a 200 day moving average price of $53.37. The company has a market cap of $4.76 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.02 and a beta of 1.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company's revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.61 earnings per share. As a group, sell-side analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.41%. Avnet's payout ratio is presently 34.55%.

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.