MQS Management LLC Has $435,000 Stake in Avnet, Inc. $AVT

MQS Management LLC grew its holdings in Avnet, Inc. (NASDAQ:AVT) by 8.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,196 shares of the company’s stock after buying an additional 635 shares during the period. MQS Management LLC’s holdings in Avnet were worth $435,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D increased its stake in shares of Avnet by 1.2% during the second quarter. State of New Jersey Common Pension Fund D now owns 37,541 shares of the company’s stock worth $1,993,000 after purchasing an additional 432 shares during the period. Ethic Inc. increased its stake in shares of Avnet by 10.1% during the second quarter. Ethic Inc. now owns 21,124 shares of the company’s stock worth $1,112,000 after purchasing an additional 1,936 shares during the period. Denali Advisors LLC bought a new position in shares of Avnet during the second quarter worth approximately $404,000. Cookson Peirce & Co. Inc. increased its stake in shares of Avnet by 24.5% during the second quarter. Cookson Peirce & Co. Inc. now owns 15,825 shares of the company’s stock worth $840,000 after purchasing an additional 3,115 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Avnet during the second quarter worth approximately $1,741,000. Institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial increased their target price on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Zacks Research upgraded Avnet from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Avnet in a research note on Friday. Finally, Bank of America raised their price objective on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $49.00.

Avnet Price Performance

Avnet stock opened at $51.49 on Friday. The stock’s fifty day moving average price is $52.83 and its two-hundred day moving average price is $52.04. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The firm has a market cap of $4.29 billion, a PE ratio of 18.86, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06.

Avnet (NASDAQ:AVT) last posted 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 return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter last year, the company earned $1.22 EPS. The company’s revenue was up 1.0% on a year-over-year basis. As a group, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal 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 issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio (DPR) is 51.28%.

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.