The Manufacturers Life Insurance Company Sells 4,630 Shares of Avnet, Inc. (NASDAQ:AVT)

The Manufacturers Life Insurance Company lessened its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 5.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 73,609 shares of the company’s stock after selling 4,630 shares during the period. The Manufacturers Life Insurance Company’s holdings in Avnet were worth $3,998,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AVT. Fifth Third Bancorp grew its stake in Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Avnet by 4.2% in the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock worth $280,000 after acquiring an additional 219 shares in the last quarter. Verdence Capital Advisors LLC grew its position in Avnet by 3.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after acquiring an additional 223 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Avnet by 4.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,128 shares of the company’s stock valued at $367,000 after purchasing an additional 278 shares in the last quarter. Finally, SummerHaven Investment Management LLC increased its holdings in Avnet by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 15,069 shares of the company’s stock valued at $776,000 after purchasing an additional 281 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Avnet Trading Down 0.8 %

AVT stock opened at $54.21 on Friday. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a market cap of $4.71 billion, a P/E ratio of 14.19, a PEG ratio of 1.04 and a beta of 1.14. The business has a fifty day moving average of $54.50 and a 200-day moving average of $53.43.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 EPS. As a group, equities research analysts expect that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s dividend payout ratio is presently 34.55%.

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.