Amalgamated Bank Has $2.25 Million Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Amalgamated Bank reduced its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 26.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,407 shares of the company's stock after selling 15,221 shares during the period. Amalgamated Bank's holdings in Avnet were worth $2,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Fifth Third Bancorp increased its stake in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company's stock valued at $42,000 after buying an additional 214 shares during the period. Hsbc Holdings PLC increased its stake in Avnet by 4.2% in the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company's stock valued at $280,000 after buying an additional 219 shares during the period. Verdence Capital Advisors LLC grew its position in Avnet by 3.3% in the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company's stock worth $361,000 after acquiring an additional 223 shares in the last quarter. US Bancorp DE grew its position in Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company's stock worth $651,000 after acquiring an additional 243 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Avnet by 3.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company's stock worth $340,000 after acquiring an additional 243 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

Shares of NASDAQ AVT traded down $1.13 during trading hours on Tuesday, hitting $54.47. 108,719 shares of the stock were exchanged, compared to its average volume of 597,656. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The company's 50 day moving average is $53.61 and its 200 day moving average is $53.07. The firm has a market capitalization of $4.74 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.04 and a beta of 1.16. Avnet, Inc. has a one year low of $43.62 and a one year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.06. The business had revenue of $5.60 billion during 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%. Avnet's quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.61 EPS. On average, research analysts expect that Avnet, Inc. will post 4.14 EPS for the current 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 issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This is an increase from Avnet's previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 2.42%. Avnet's dividend payout ratio is 34.56%.

Wall Street Analyst Weigh In

AVT has been the subject of several recent research reports. Truist Financial boosted their target price on shares of Avnet from $48.00 to $52.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Stifel Nicolaus boosted their target price 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. Finally, Wells Fargo & Company boosted their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an "underweight" rating in a research report on Friday, August 9th.

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.