Cookson Peirce & Co. Inc. Acquires 3,115 Shares of Avnet, Inc. $AVT

Cookson Peirce & Co. Inc. raised its position in Avnet, Inc. (NASDAQ:AVT) by 24.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,825 shares of the company’s stock after purchasing an additional 3,115 shares during the quarter. Cookson Peirce & Co. Inc.’s holdings in Avnet were worth $840,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVT. Legacy Advisors LLC acquired a new stake in Avnet during the first quarter worth approximately $26,000. MassMutual Private Wealth & Trust FSB lifted its holdings in 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 period. TD Private Client Wealth LLC lifted 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 acquiring an additional 246 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Avnet during the first quarter worth $49,000. Finally, SVB Wealth LLC bought a new stake in Avnet during the first quarter worth $54,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Down 1.8%

Shares of NASDAQ AVT opened at $51.22 on Thursday. 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 capitalization of $4.26 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 0.39 and a beta of 1.06. The stock has a 50 day moving average price of $52.91 and a 200 day moving average price of $51.83. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the firm posted $1.22 earnings per share. Avnet’s revenue for the quarter was up 1.0% compared to the same quarter last year. Sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

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

Analyst Ratings Changes

A number of research firms have issued reports on AVT. Zacks Research raised Avnet from a “strong sell” rating to a “hold” rating in a research report on Monday. Bank of America raised their target price on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Weiss Ratings reissued a “hold (c+)” rating on shares of Avnet in a research report on Wednesday, October 8th. 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. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $49.00.

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.