Allspring Global Investments Holdings LLC Decreases Stake in Avnet, Inc. (NASDAQ:AVT)

Allspring Global Investments Holdings LLC cut its holdings in Avnet, Inc. (NASDAQ:AVT) by 2.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,053 shares of the company’s stock after selling 268 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Avnet were worth $546,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp boosted its position in Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Avnet by 4.2% in the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock worth $280,000 after acquiring an additional 219 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of Avnet by 3.3% in the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after acquiring an additional 223 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Avnet by 3.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after acquiring an additional 243 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after acquiring an additional 243 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $54.54 on Friday. The firm has a market capitalization of $4.77 billion, a PE ratio of 14.28 and a beta of 1.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.10. The business has a 50-day moving average of $53.50 and a two-hundred day moving average of $52.66. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $59.24.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the prior year, the business earned $1.61 earnings per share. The company’s revenue was down 11.5% compared to the same quarter last year. As a group, research analysts forecast that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a $0.33 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. Avnet’s dividend payout ratio is presently 34.56%.

Analysts Set New Price Targets

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

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.