Yousif Capital Management LLC Sells 1,461 Shares of Avnet, Inc. $AVT

Yousif Capital Management LLC lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 4.1% during the second quarter, HoldingsChannel reports. The firm owned 33,772 shares of the company’s stock after selling 1,461 shares during the quarter. Yousif Capital Management LLC’s holdings in Avnet were worth $1,793,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Legacy Advisors LLC acquired a new stake in Avnet in the first quarter valued at $26,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Avnet by 109.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock valued at $28,000 after purchasing an additional 276 shares during the period. TD Private Client Wealth LLC grew its holdings in Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Avnet during the first quarter worth approximately $49,000. Finally, SVB Wealth LLC acquired a new position in Avnet during the first quarter worth approximately $54,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVT. Truist Financial lifted their target price on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Avnet in a report on Wednesday, October 8th. Finally, Bank of America raised their target price on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avnet currently has a consensus rating of “Reduce” and an average price target of $49.00.

Avnet Stock Performance

AVT opened at $52.08 on Monday. The business’s fifty day moving average is $52.97 and its 200-day moving average is $51.75. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The firm has a market cap of $4.34 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 0.39 and a beta of 1.06.

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

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Wednesday, September 17th. This is a positive change from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio is currently 51.28%.

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.