Peapack Gladstone Financial Corp Lowers Stake in Avnet, Inc. (NASDAQ:AVT)

Peapack Gladstone Financial Corp lowered its position in Avnet, Inc. (NASDAQ:AVT) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,731 shares of the company’s stock after selling 444 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Avnet were worth $909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC increased its holdings in shares of Avnet by 24.7% in the third quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after buying an additional 114,217 shares during the period. Envestnet Asset Management Inc. increased its stake in Avnet by 8.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 159,985 shares of the company’s stock worth $8,238,000 after purchasing an additional 12,238 shares during the period. Kendall Capital Management lifted its position in Avnet by 21.2% in the second quarter. Kendall Capital Management now owns 118,843 shares of the company’s stock valued at $6,119,000 after purchasing an additional 20,810 shares during the last quarter. Federated Hermes Inc. lifted its position in Avnet by 46.8% in the second quarter. Federated Hermes Inc. now owns 40,231 shares of the company’s stock valued at $2,071,000 after purchasing an additional 12,832 shares during the last quarter. Finally, Great Lakes Advisors LLC boosted its stake 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 valued at $8,416,000 after purchasing an additional 157,413 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Down 0.4 %

Shares of NASDAQ AVT opened at $54.16 on Monday. The firm’s fifty day moving average is $54.56 and its 200 day moving average is $53.41. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The company has a market cap of $4.71 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.01 and a beta of 1.14.

Avnet (NASDAQ:AVT) last released its quarterly 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. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. Avnet’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.61 EPS. On average, equities research analysts expect that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Wednesday, December 4th. Avnet’s 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.