Signaturefd LLC Sells 776 Shares of Avnet, Inc. $AVT

Signaturefd LLC lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 23.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,467 shares of the company’s stock after selling 776 shares during the period. Signaturefd LLC’s holdings in Avnet were worth $131,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of AVT. American Century Companies Inc. lifted its holdings in shares of Avnet by 10.8% during the 1st 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 lifted its holdings in shares of Avnet by 44.9% during the 1st 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 1st quarter valued at about $9,703,000. Gotham Asset Management LLC lifted its holdings in shares of Avnet by 96.1% during the 1st 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 lifted its holdings in shares of Avnet by 329.1% during the 1st 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. Institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVT. Truist Financial lifted their price objective on Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Avnet in a report on Saturday, September 27th. Finally, Bank of America lifted their price objective on Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, August 11th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $49.00.

Avnet Stock Down 0.3%

NASDAQ:AVT opened at $51.86 on Friday. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 0.39 and a beta of 1.06. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The stock’s 50 day moving average price is $53.19 and its two-hundred day moving average price is $51.44. The company has a quick ratio of 1.16, a current ratio of 2.43 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 for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. The business had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

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

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.