Charles Schwab Investment Management Inc. Has $49.78 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

Charles Schwab Investment Management Inc. reduced its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 2.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 916,645 shares of the company's stock after selling 26,391 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.05% of Avnet worth $49,783,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board bought a new stake in shares of Avnet during the third quarter worth $209,000. Pathstone Holdings LLC grew its position in Avnet by 1.5% during the 3rd quarter. Pathstone Holdings LLC now owns 51,247 shares of the company's stock worth $2,783,000 after acquiring an additional 769 shares during the last quarter. Natixis Advisors LLC increased its holdings in Avnet by 10.1% in the 3rd quarter. Natixis Advisors LLC now owns 14,243 shares of the company's stock worth $774,000 after purchasing an additional 1,302 shares in the last quarter. MQS Management LLC bought a new position in Avnet in the third quarter valued at about $477,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Avnet during the third quarter valued at about $676,000. 95.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Avnet Trading Up 0.9 %

Avnet stock traded up $0.48 during mid-day trading on Friday, hitting $54.71. 306,412 shares of the stock were exchanged, compared to its average volume of 601,350. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.02 and a beta of 1.16. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The firm's fifty day simple moving average is $54.34 and its two-hundred day simple moving average is $53.37.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $1.61 earnings per share. Analysts forecast that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Dividend Announcement

The business 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. This represents a $1.32 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet's dividend payout ratio (DPR) is currently 34.56%.

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.