Weiss Asset Management LP Grows Position in Avnet, Inc. (NASDAQ:AVT)

Weiss Asset Management LP raised its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 35.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 254,624 shares of the company's stock after buying an additional 66,973 shares during the period. Weiss Asset Management LP owned about 0.29% of Avnet worth $13,829,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp lifted its position in shares of Avnet by 35.2% in 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 period. Capital Performance Advisors LLP purchased a new position in Avnet during the 3rd quarter valued at about $51,000. nVerses Capital LLC purchased a new position in Avnet during the 2nd quarter valued at about $77,000. GAMMA Investing LLC lifted its position in Avnet by 68.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company's stock valued at $79,000 after acquiring an additional 620 shares during the period. Finally, Hexagon Capital Partners LLC lifted its position in Avnet by 90.6% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company's stock valued at $88,000 after acquiring an additional 814 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Performance

Shares of AVT stock traded down $0.45 during trading hours on Friday, reaching $54.22. The company had a trading volume of 341,270 shares, compared to its average volume of 599,060. The business has a fifty day moving average price of $54.51 and a 200-day moving average price of $53.43. Avnet, Inc. has a one year low of $43.62 and a one year high of $59.24. The firm has a market cap of $4.71 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.04 and a beta of 1.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25.

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 analysts' consensus estimates of $0.86 by $0.06. The company 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 firm's revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.61 earnings per share. Sell-side analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet's payout ratio is 34.55%.

Analysts Set New Price Targets

AVT has been the subject of a number of recent research reports. Truist Financial lifted 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. Wells Fargo & Company raised 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. Finally, Stifel Nicolaus raised 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.

Avnet Company 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.