nVerses Capital LLC Invests $77,000 in Avnet, Inc. (NASDAQ:AVT)

nVerses Capital LLC acquired a new stake in Avnet, Inc. (NASDAQ:AVT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,500 shares of the company’s stock, valued at approximately $77,000.

Several other large investors also recently modified their holdings of AVT. Rise Advisors LLC acquired a new position in shares of Avnet during the 1st quarter valued at $29,000. Fifth Third Bancorp increased its stake in 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 purchasing an additional 214 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in 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 purchasing an additional 824 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Avnet by 40.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock valued at $73,000 after purchasing an additional 420 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Avnet by 729.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after purchasing an additional 1,350 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on AVT shares. Truist Financial boosted their target price on 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 boosted their price objective on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus increased their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, Avnet currently has a consensus rating of “Hold” and an average price target of $48.50.

Avnet Price Performance

AVT stock opened at $52.17 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The business has a 50-day simple moving average of $52.85 and a two-hundred day simple moving average of $50.97. The company has a market capitalization of $4.72 billion, a P/E ratio of 8.44 and a beta of 1.16. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.80.

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

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.53%. This is an increase from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is currently 21.36%.

Insider Activity at Avnet

In other Avnet news, SVP Ken E. Arnold sold 8,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the sale, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by insiders.

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.