Avnet, Inc. (NASDAQ:AVT) is Lind Value II ApS's 3rd Largest Position

Lind Value II ApS trimmed its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 9.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,093,416 shares of the company's stock after selling 118,344 shares during the period. Avnet makes up about 25.5% of Lind Value II ApS's holdings, making the stock its 3rd largest holding. Lind Value II ApS owned approximately 1.21% of Avnet worth $59,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Avnet during the first quarter worth $29,000. Fifth Third Bancorp raised its stake in shares of Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company's stock valued at $42,000 after acquiring an additional 214 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company's stock valued at $45,000 after acquiring an additional 824 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Avnet in the second quarter valued at $77,000. Finally, Versant Capital Management Inc raised its stake in Avnet by 729.7% in the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company's stock valued at $79,000 after buying an additional 1,350 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVT has been the topic of a number of analyst reports. Stifel Nicolaus raised their price target on Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Truist Financial raised their price target on Avnet from $48.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company raised 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. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $48.50.

Avnet Stock Performance

NASDAQ AVT traded up $0.77 on Friday, hitting $54.05. 332,268 shares of the company's stock were exchanged, compared to its average volume of 596,776. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10. The firm's 50-day moving average price is $52.88 and its two-hundred day moving average price is $51.78. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.80. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 8.75 and a beta of 1.15.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $5.37 billion. During the same quarter in the previous year, the firm posted $2.06 EPS. The firm's quarterly revenue was down 15.1% on a year-over-year basis. On average, research analysts expect that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were paid a dividend of $0.33 per share. This is a positive change from Avnet's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.44%. Avnet's payout ratio is 21.36%.

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.

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