Synovus Financial Corp Grows Stock Position in Avnet, Inc. (NASDAQ:AVT)

Synovus Financial Corp raised its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 9.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 9,460 shares of the company’s stock after buying an additional 843 shares during the period. Synovus Financial Corp’s holdings in Avnet were worth $514,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Fifth Third Bancorp raised its stake in shares of Avnet by 35.2% during 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 during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Avnet in the 3rd quarter valued at about $51,000. nVerses Capital LLC purchased a new position in shares of Avnet in the 2nd quarter valued at about $77,000. GAMMA Investing LLC increased its stake in shares of Avnet by 20.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock valued at $100,000 after purchasing an additional 309 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Avnet by 38.7% in the 2nd quarter. Blue Trust Inc. now owns 2,995 shares of the company’s stock valued at $148,000 after purchasing an additional 836 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of Avnet stock opened at $53.10 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The business has a 50-day moving average price of $54.54 and a 200 day moving average price of $53.39. The firm has a market cap of $4.62 billion, a PE ratio of 13.90, a P/E/G ratio of 1.01 and a beta of 1.14.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating 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 firm had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the previous year, the business earned $1.61 EPS. Avnet’s revenue for the quarter was down 11.5% compared to the same quarter last year. Sell-side analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.49%. Avnet’s dividend payout ratio is presently 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.