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

Cozad Asset Management Inc. lessened its holdings in Avnet, Inc. (NASDAQ:AVT) by 14.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,428 shares of the company’s stock after selling 7,534 shares during the quarter. Cozad Asset Management Inc.’s holdings in Avnet were worth $2,522,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in AVT. Lind Value II ApS purchased a new position in Avnet in the 2nd quarter worth about $62,394,000. William Blair Investment Management LLC purchased a new stake in Avnet in the 1st quarter valued at about $36,601,000. Vanguard Group Inc. grew its stake in Avnet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after acquiring an additional 519,478 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Avnet by 34.7% during the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after acquiring an additional 475,165 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Avnet by 39.5% during the second quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock valued at $28,995,000 after acquiring an additional 159,565 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Up 4.7 %

Shares of NASDAQ AVT opened at $57.17 on Thursday. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24. The stock’s fifty day simple moving average is $53.53 and its two-hundred day simple moving average is $52.88. The stock has a market capitalization of $4.97 billion, a PE ratio of 14.97 and a beta of 1.16. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48.

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

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were paid a dividend of $0.33 per share. 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 payout ratio is 34.55%.

Analysts Set New Price Targets

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

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.