Tidal Investments Increases Stake in Avnet, Inc.

Tidal Investments LLC has increased its investment in Avnet, Inc. (NASDAQ:AVT) by 9.0% during the third quarter, according to reports from Holdings Channel. After acquiring 1,118 additional shares during this period, Tidal Investments now holds a total of 13,547 shares of Avnet. As per the latest SEC filing, these holdings are valued at approximately $736,000.

Other institutional investors have also been adjusting their positions in Avnet. Fifth Third Bancorp, for instance, raised its stake by 35.2% during the second quarter, now owning 822 shares valued at $42,000 following the purchase of 214 additional shares last quarter. Additionally, Capital Performance Advisors LLP bought a new stake in Avnet during the third quarter, worth about $51,000. In the previous quarter, nVerses Capital LLC also made a new purchase in Avnet, valued at approximately $77,000. Meanwhile, GAMMA Investing LLC boosted its ownership by 20.2% in the third quarter, possessing 1,836 shares now valued at $100,000 after buying 309 more shares. Lastly, Signaturefd LLC increased its stake in Avnet by 31.0% during the second quarter, bringing its total to 3,242 shares valued at $167,000 after the acquisition of 768 shares last quarter. It’s noteworthy that hedge funds and other institutional investors collectively hold 95.78% of Avnet’s stock.

Stock Performance of Avnet

As of Friday, shares of NASDAQ: AVT began trading at $53.07. Avnet has a market capitalization of $4.61 billion, a price-to-earnings (P/E) ratio of 13.89, a P/E/G ratio of 1.01, and a beta of 1.14. Over the past year, the stock has fluctuated between a low of $43.62 and a high of $59.24. The 50-day moving average stands at $54.43, while the 200-day moving average is at $53.38. The company’s liquidity ratios show a current ratio of 2.25, a quick ratio of 1.07, and a debt-to-equity ratio of 0.48.

Avnet, Inc. recently released its quarterly earnings report on October 30th. The company posted earnings of $0.92 per share (EPS), surpassing the consensus estimate of $0.86 by $0.06. Avnet recorded a net margin of 1.51% and a return on equity of 8.46%. The company generated revenue of $5.60 billion during the quarter, surpassing the expected $5.43 billion. However, this represents an 11.5% decline in revenue compared to the same quarter the previous year. Analysts are predicting that Avnet, Inc. will report earnings of $4.09 per share for the current financial year.

Dividend Announcement from Avnet

The company has also declared a quarterly dividend, which was disbursed on December 18th. Investors who were recorded on December 4th received a dividend payment of $0.33 per share. This equates to an annualized dividend of $1.32, providing a yield of 2.49%. The ex-dividend date was also on December 4th. Avnet's current dividend payout ratio is approximately 34.55%.

About Avnet, Inc.

Avnet, Inc., distributes electronic component technology and operates through two segments: Electronic Components and Farnell. Within the Electronic Components segment, the company markets and distributes a variety of components including semiconductors, interconnect devices, passive components, and other integrated technologies from electronic manufacturers.

Tidal, Investments, Avnet