KLP Kapitalforvaltning AS Buys 8,700 Shares of Avnet, Inc. $AVT

KLP Kapitalforvaltning AS lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 38.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,500 shares of the company's stock after acquiring an additional 8,700 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Avnet were worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its position in shares of Avnet by 109.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company's stock worth $28,000 after acquiring an additional 276 shares during the last quarter. Legacy Advisors LLC bought a new position in shares of Avnet during the first quarter worth about $26,000. TD Private Client Wealth LLC raised its position in shares of 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 acquiring an additional 246 shares during the last quarter. Global X Japan Co. Ltd. bought a new stake in Avnet in the first quarter worth approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Avnet in the first quarter worth approximately $49,000. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Down 2.8%

Shares of NASDAQ:AVT opened at $49.52 on Monday. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 0.37 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The business's 50 day moving average is $52.93 and its 200 day moving average is $51.58.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.Avnet's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 earnings per share. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Wednesday, September 17th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, September 17th. This is a positive change from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 2.8%. Avnet's payout ratio is presently 51.28%.

Analysts Set New Price Targets

A number of brokerages have weighed in on AVT. Bank of America lifted their target price on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Avnet in a report on Wednesday, October 8th. Finally, Truist Financial lifted their target price on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $49.00.

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.

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