MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Position in Avnet, Inc. $AVT

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Avnet, Inc. (NASDAQ:AVT) by 11.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,398 shares of the company’s stock after acquiring an additional 11,006 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.13% of Avnet worth $5,069,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Gotham Asset Management LLC boosted its holdings in shares of Avnet by 96.1% in the first quarter. Gotham Asset Management LLC now owns 369,807 shares of the company’s stock valued at $17,784,000 after acquiring an additional 181,246 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Avnet by 7.9% during the first quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company’s stock worth $63,043,000 after buying an additional 97,466 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Avnet by 9.9% during the first quarter. Advisors Asset Management Inc. now owns 15,477 shares of the company’s stock worth $744,000 after buying an additional 1,389 shares in the last quarter. Royal Bank of Canada boosted its holdings in Avnet by 3.0% during the first quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after buying an additional 2,101 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in Avnet by 75.9% during the first quarter. Vident Advisory LLC now owns 9,520 shares of the company’s stock worth $458,000 after buying an additional 4,109 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of AVT opened at $54.11 on Friday. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a market cap of $4.52 billion, a P/E ratio of 19.82, a PEG ratio of 0.40 and a beta of 1.08. The company has a 50-day moving average of $54.03 and a two-hundred day moving average of $51.06. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. As a group, research analysts predict 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 will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 17th. This is an increase from Avnet’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. Avnet’s dividend payout ratio (DPR) is presently 48.35%.

Analyst Ratings Changes

A number of research firms recently commented on AVT. Bank of America boosted their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, August 11th. Truist Financial boosted their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Sell” and an average price target 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.