Cozad Asset Management Inc. Trims Position in Avnet, Inc. (NASDAQ:AVT)

Cozad Asset Management Inc. decreased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 14.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,428 shares of the company’s stock after selling 7,534 shares during the quarter. Cozad Asset Management Inc. owned approximately 0.05% of Avnet worth $2,522,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Lind Value II ApS purchased a new position in shares of Avnet in the second quarter worth $62,394,000. William Blair Investment Management LLC bought a new position in shares of Avnet during the 1st quarter valued at about $36,601,000. Vanguard Group Inc. grew its position in shares of Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock valued at $542,918,000 after purchasing an additional 519,478 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Avnet by 34.7% in the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after purchasing an additional 475,165 shares during the last quarter. Finally, Raymond James & Associates lifted its position in shares of Avnet by 39.5% in the second quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock worth $28,995,000 after buying an additional 159,565 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AVT shares. Truist Financial raised their price target on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company boosted their price target on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

Avnet Trading Up 4.7 %

Shares of NASDAQ AVT opened at $57.17 on Thursday. The stock has a market capitalization of $4.97 billion, a P/E ratio of 14.97 and a beta of 1.16. Avnet, Inc. has a 1-year low of $43.62 and a 1-year high of $59.24. The business’s 50 day moving average is $53.53 and its two-hundred day moving average is $52.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. Avnet’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.61 EPS. As a group, research analysts expect that Avnet, Inc. will post 4.24 EPS for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio (DPR) is 34.55%.

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.