State of Alaska Department of Revenue Raises Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

State of Alaska Department of Revenue boosted its holdings in Avnet, Inc. (NASDAQ:AVT) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,232 shares of the company’s stock after purchasing an additional 455 shares during the period. State of Alaska Department of Revenue owned about 0.06% of Avnet worth $2,890,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of AVT. Vanguard Group Inc. grew its position in shares of Avnet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock valued at $542,918,000 after acquiring an additional 519,478 shares during the period. Dimensional Fund Advisors LP lifted its stake in Avnet by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock valued at $328,790,000 after purchasing an additional 39,558 shares during the last quarter. Greenhaven Associates Inc. grew its holdings in Avnet by 1.7% during the second quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock valued at $201,961,000 after purchasing an additional 63,801 shares during the period. American Century Companies Inc. increased its position in Avnet by 1.6% in the second quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock worth $138,525,000 after buying an additional 42,249 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Avnet by 34.7% in the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after buying an additional 475,165 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVT. Stifel Nicolaus increased their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Truist Financial increased their target price on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company lifted their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th.

Avnet Stock Performance

NASDAQ:AVT opened at $54.21 on Friday. The business’s fifty day moving average is $53.51 and its 200 day moving average is $52.61. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of 10.02 and a beta of 1.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the previous year, the firm earned $1.61 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts predict that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.43%. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is presently 24.40%.

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.