Kovitz Investment Group Partners LLC Has $1.29 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

Kovitz Investment Group Partners LLC boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 430.6% in the third quarter, Holdings Channel reports. The firm owned 24,208 shares of the company’s stock after purchasing an additional 19,646 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Avnet were worth $1,289,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp raised its position in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after buying an additional 214 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Avnet by 4.2% during the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock worth $280,000 after purchasing an additional 219 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Avnet by 3.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after purchasing an additional 223 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Avnet by 4.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,128 shares of the company’s stock valued at $367,000 after purchasing an additional 278 shares during the last quarter. Finally, SummerHaven Investment Management LLC raised its holdings in shares of Avnet by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 15,069 shares of the company’s stock worth $776,000 after buying an additional 281 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

NASDAQ:AVT opened at $53.71 on Wednesday. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The stock’s 50-day simple moving average is $54.52 and its 200 day simple moving average is $53.41. The firm has a market capitalization of $4.67 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.01 and a beta of 1.14.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results 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 net margin of 1.51% and a return on equity of 8.46%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the company posted $1.61 EPS. On average, analysts anticipate that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.46%. Avnet’s dividend payout ratio is currently 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.