Brucke Financial Inc. Increases Stake in Avnet, Inc. $AVT

Brucke Financial Inc. increased its stake in Avnet, Inc. (NASDAQ:AVT) by 7.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,597 shares of the company’s stock after purchasing an additional 443 shares during the quarter. Brucke Financial Inc.’s holdings in Avnet were worth $350,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. US Bancorp DE increased its holdings in shares of Avnet by 10.7% in the 2nd quarter. US Bancorp DE now owns 21,081 shares of the company’s stock valued at $1,119,000 after purchasing an additional 2,046 shares in the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of Avnet in the 2nd quarter valued at about $215,000. Optas LLC purchased a new position in shares of Avnet in the 2nd quarter valued at about $216,000. KLP Kapitalforvaltning AS increased its holdings in shares of Avnet by 38.2% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 31,500 shares of the company’s stock valued at $1,672,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Eads & Heald Wealth Management increased its holdings in shares of Avnet by 9.9% in the 2nd quarter. Eads & Heald Wealth Management now owns 12,007 shares of the company’s stock valued at $637,000 after purchasing an additional 1,083 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVT. Truist Financial increased their price target on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Bank of America increased their price objective on shares of Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a research note on Monday, August 11th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Avnet in a research note on Wednesday. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Avnet has a consensus rating of “Reduce” and a consensus price target of $49.00.

Avnet Price Performance

Shares of NASDAQ AVT opened at $49.52 on Friday. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 0.38 and a beta of 1.06. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The company’s 50-day moving average price is $52.93 and its 200 day moving average price is $51.54. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the prior year, the company earned $1.22 EPS. The firm’s revenue was up 1.0% on a year-over-year basis. As a group, research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $1.40 annualized dividend and a dividend yield of 2.8%. This is an increase from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio is 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.