Summit Global Investments Purchases Shares of 23,082 Avnet, Inc. (NASDAQ:AVT)

Summit Global Investments acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,082 shares of the company's stock, valued at approximately $1,254,000.

Other hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its position in shares of Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company's stock worth $42,000 after purchasing an additional 214 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Avnet by 4.2% during the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company's stock worth $280,000 after purchasing an additional 219 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in Avnet by 3.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company's stock valued at $361,000 after acquiring an additional 223 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Avnet by 3.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company's stock valued at $340,000 after acquiring an additional 243 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of Avnet by 1.9% in the 1st quarter. US Bancorp DE now owns 13,124 shares of the company's stock valued at $651,000 after buying an additional 243 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Down 1.0 %

Shares of AVT stock traded down $0.57 on Friday, hitting $56.56. The stock had a trading volume of 610,177 shares, compared to its average volume of 654,222. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 1.05 and a beta of 1.16. The stock's 50 day moving average is $53.60 and its 200-day moving average is $52.97.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.61 EPS. As a group, research analysts expect that Avnet, Inc. will post 4.14 earnings per share for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a dividend of $0.33 per share. 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 2.33%. Avnet's payout ratio is presently 34.56%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AVT. Truist Financial raised their price target 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. Stifel Nicolaus lifted their price objective 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 lifted their price objective on shares of Avnet from $40.00 to $45.00 and gave the company an "underweight" rating in a research note on Friday, August 9th.

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.