Mutual of America Capital Management LLC Reduces Holdings in Avnet, Inc. (NASDAQ:AVT)

Mutual of America Capital Management LLC decreased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 8.0% during the third quarter, HoldingsChannel reports. The fund owned 47,621 shares of the company’s stock after selling 4,127 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Avnet were worth $2,586,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp boosted its stake in shares of Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares during the period. Hsbc Holdings PLC boosted its position in shares of Avnet by 4.2% during the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after buying an additional 219 shares during the period. Verdence Capital Advisors LLC grew its stake in shares of Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after buying an additional 223 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Avnet by 4.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock worth $325,000 after buying an additional 276 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of Avnet by 4.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,128 shares of the company’s stock worth $367,000 after acquiring an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Avnet Stock Performance

Shares of Avnet stock opened at $54.45 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average price is $54.05 and its 200-day moving average price is $53.29. The firm has a market cap of $4.73 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.00 and a beta of 1.16. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the firm posted $1.61 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities research analysts expect that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 annualized dividend and a yield of 2.42%. Avnet’s dividend payout ratio (DPR) is presently 34.55%.

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.