Avnet, Inc. (NASDAQ:AVT) Shares Bought by CreativeOne Wealth LLC

CreativeOne Wealth LLC grew its position in Avnet, Inc. (NASDAQ:AVT) by 21.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,979 shares of the company’s stock after acquiring an additional 1,421 shares during the quarter. CreativeOne Wealth LLC’s holdings in Avnet were worth $433,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Lind Value II ApS acquired a new position in Avnet in the 2nd quarter valued at about $62,394,000. AQR Capital Management LLC increased its holdings in shares of Avnet by 34.7% in the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock valued at $94,713,000 after purchasing an additional 475,165 shares during the period. Raymond James & Associates raised its stake in shares of Avnet by 39.5% during the second quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock worth $28,995,000 after purchasing an additional 159,565 shares during the last quarter. Great Lakes Advisors LLC lifted its holdings in shares of Avnet by 2,607.9% during the second quarter. Great Lakes Advisors LLC now owns 163,449 shares of the company’s stock worth $8,416,000 after purchasing an additional 157,413 shares during the period. Finally, Squarepoint Ops LLC grew its position in Avnet by 146.5% in the 2nd quarter. Squarepoint Ops LLC now owns 231,715 shares of the company’s stock valued at $11,931,000 after buying an additional 137,720 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Up 0.9 %

Shares of NASDAQ AVT opened at $54.71 on Monday. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The firm has a 50-day moving average price of $54.34 and a 200 day moving average price of $53.37. 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 (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period last year, the firm earned $1.61 EPS. Equities research analysts anticipate that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Announces Dividend

The company 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 $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is 34.55%.

Wall Street Analyst Weigh In

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

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.