Amalgamated Bank Raises Holdings in Avnet, Inc. (NASDAQ:AVT)

Amalgamated Bank grew its stake in Avnet, Inc. (NASDAQ:AVT) by 1.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 66,746 shares of the company’s stock after buying an additional 725 shares during the quarter. Amalgamated Bank’s holdings in Avnet were worth $3,364,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Venturi Wealth Management LLC lifted its stake in Avnet by 46.5% in the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after acquiring an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Avnet during the 4th quarter worth $40,000. GAMMA Investing LLC acquired a new position in shares of Avnet during the fourth quarter worth $63,000. Parkside Financial Bank & Trust increased its holdings in Avnet by 19.1% in the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock valued at $79,000 after buying an additional 265 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Avnet by 25.4% in the fourth quarter. Blue Trust Inc. now owns 2,269 shares of the company’s stock valued at $109,000 after buying an additional 459 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Down 0.9 %

Shares of NASDAQ AVT opened at $51.75 on Friday. The stock has a market cap of $4.68 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.66 and a beta of 1.21. Avnet, Inc. has a 52-week low of $40.44 and a 52-week high of $52.42. The business has a 50-day moving average price of $48.31 and a 200 day moving average price of $47.52. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business’s revenue was down 13.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.00 earnings per share. Equities research analysts forecast that Avnet, Inc. will post 5.19 earnings per share for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Tuesday, March 5th. Avnet’s dividend payout ratio is currently 20.06%.

Analyst Ratings Changes

Several research analysts have recently issued reports on AVT shares. Truist Financial dropped their price objective on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. The Goldman Sachs Group dropped their price target on shares of Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, Avnet has an average rating of “Hold” and a consensus target price of $45.00.

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.