Public Employees Retirement System of Ohio Acquires 211 Shares of Avnet, Inc. $AVT

Public Employees Retirement System of Ohio increased its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 0.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,674 shares of the company’s stock after purchasing an additional 211 shares during the period. Public Employees Retirement System of Ohio’s holdings in Avnet were worth $1,416,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVT. American Century Companies Inc. boosted its stake in shares of Avnet by 10.8% during the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company’s stock valued at $186,631,000 after purchasing an additional 378,440 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Avnet by 44.9% during the first quarter. Woodline Partners LP now owns 1,055,356 shares of the company’s stock valued at $50,752,000 after purchasing an additional 327,195 shares in the last quarter. Nuveen LLC bought a new position in shares of Avnet during the first quarter valued at approximately $9,703,000. Gotham Asset Management LLC boosted its stake in shares of Avnet by 96.1% during the first quarter. Gotham Asset Management LLC now owns 369,807 shares of the company’s stock valued at $17,784,000 after purchasing an additional 181,246 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Avnet by 329.1% during the first quarter. Voya Investment Management LLC now owns 233,645 shares of the company’s stock valued at $11,236,000 after purchasing an additional 179,197 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Avnet Trading Down 0.3%

NASDAQ AVT opened at $51.86 on Friday. The company has a fifty day simple moving average of $53.19 and a two-hundred day simple moving average of $51.44. The stock has a market cap of $4.33 billion, a P/E ratio of 19.00, a P/E/G ratio of 0.39 and a beta of 1.06. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 earnings per share. On average, analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, September 17th. This is a positive change from Avnet’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. Avnet’s dividend payout ratio is presently 51.28%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on AVT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Avnet in a research note on Saturday, September 27th. Truist Financial increased their target price on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Finally, Bank of America increased their target price on shares of Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, August 11th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Avnet has an average rating of “Reduce” and an average target price of $49.00.

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.