Kapitalo Investimentos Ltda Takes $261,000 Position in Avnet, Inc. (NASDAQ:AVT)

Kapitalo Investimentos Ltda bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,797 shares of the company’s stock, valued at approximately $261,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Hawaiian Bank grew its holdings in Avnet by 4.3% in the 1st quarter. First Hawaiian Bank now owns 37,918 shares of the company’s stock valued at $1,880,000 after buying an additional 1,556 shares in the last quarter. Rise Advisors LLC bought a new position in Avnet during the first quarter worth about $29,000. Alaska Permanent Fund Corp increased its position in Avnet by 6.6% during the first quarter. Alaska Permanent Fund Corp now owns 53,899 shares of the company’s stock worth $2,672,000 after acquiring an additional 3,321 shares during the period. Park Avenue Securities LLC raised its stake in Avnet by 5.7% in the 1st quarter. Park Avenue Securities LLC now owns 5,267 shares of the company’s stock worth $261,000 after purchasing an additional 283 shares in the last quarter. Finally, ARGA Investment Management LP boosted its holdings in Avnet by 584.1% in the 1st quarter. ARGA Investment Management LP now owns 320,990 shares of the company’s stock valued at $15,915,000 after purchasing an additional 274,071 shares during the period. Institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report 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, Stifel Nicolaus increased their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th.

Avnet Stock Up 0.9 %

NASDAQ:AVT opened at $55.34 on Thursday. Avnet, Inc. has a one year low of $42.67 and a one year high of $55.80. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10. The company has a market cap of $5.00 billion, a PE ratio of 8.95 and a beta of 1.15. The firm’s 50 day simple moving average is $53.37 and its 200 day simple moving average is $52.17.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. Avnet’s revenue was down 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.06 earnings per share. On average, research analysts anticipate that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.39%. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is 21.36%.

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.