Hilltop National Bank Purchases Shares of 2,746 Avnet, Inc. $AVT

Hilltop National Bank purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the second quarter, according to its most recent filing with the SEC. The firm purchased 2,746 shares of the company’s stock, valued at approximately $146,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Avnet during the first quarter worth approximately $49,000. GAMMA Investing LLC grew its position in shares of Avnet by 4,565.4% during the 1st quarter. GAMMA Investing LLC now owns 101,566 shares of the company’s stock worth $4,884,000 after buying an additional 99,389 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Avnet by 14.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 49,763 shares of the company’s stock valued at $2,393,000 after acquiring an additional 6,422 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake 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 acquiring an additional 276 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new position in shares of Avnet during the 1st quarter valued at $207,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Down 0.3%

Avnet stock opened at $51.86 on Friday. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06. The firm’s fifty day moving average price is $53.19 and its two-hundred day moving average price is $51.46. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. 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 posted its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The company had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AVT. Bank of America lifted their price target 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. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a research note on Saturday, September 27th. Finally, Truist Financial upped their price target on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $49.00.

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.