GAMMA Investing LLC Boosts Stock Position in Avnet, Inc. $AVT

GAMMA Investing LLC boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 32.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,792 shares of the company’s stock after buying an additional 680 shares during the period. GAMMA Investing LLC’s holdings in Avnet were worth $148,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in Avnet by 109.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after buying an additional 276 shares during the period. Legacy Advisors LLC purchased a new stake in Avnet in the first quarter worth about $26,000. TD Private Client Wealth LLC lifted its holdings in Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after buying an additional 246 shares during the period. Curat Global LLC purchased a new stake in Avnet in the first quarter worth about $42,000. Finally, Global X Japan Co. Ltd. purchased a new stake in Avnet in the first quarter worth about $46,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVT has been the subject of several research analyst reports. Bank of America raised their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, August 11th. Truist Financial raised their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Avnet presently has an average rating of “Sell” and an average price target of $49.00.

Avnet Trading Down 0.4%

Shares of Avnet stock opened at $51.73 on Tuesday. The company’s fifty day simple moving average is $53.36 and its 200-day simple moving average is $51.38. The stock has a market capitalization of $4.32 billion, a PE ratio of 18.95, a P/E/G ratio of 0.39 and a beta of 1.08. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.09. The business had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 EPS. As a group, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, September 17th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. This is a boost from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio is 51.28%.

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.