Avnet, Inc. (NASDAQ:AVT) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,985 shares of the company’s stock after acquiring an additional 12,238 shares during the period. Envestnet Asset Management Inc. owned 0.18% of Avnet worth $8,238,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. lifted its position in Avnet by 44.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 58,011 shares of the company’s stock valued at $2,987,000 after purchasing an additional 17,983 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Avnet by 46.8% in the second quarter. Federated Hermes Inc. now owns 40,231 shares of the company’s stock worth $2,071,000 after buying an additional 12,832 shares during the period. American Century Companies Inc. boosted its holdings in shares of Avnet by 1.6% during the second quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock worth $138,525,000 after purchasing an additional 42,249 shares during the period. Bahl & Gaynor Inc. boosted its position in Avnet by 4.7% during the second quarter. Bahl & Gaynor Inc. now owns 406,360 shares of the company’s stock valued at $20,923,000 after purchasing an additional 18,272 shares during the last quarter. Finally, Choreo LLC bought a new position in Avnet during the second quarter valued at approximately $417,000. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 0.1 %

AVT opened at $54.35 on Friday. The firm’s fifty day moving average is $52.78 and its two-hundred day moving average is $51.56. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The firm has a market cap of $4.79 billion, a PE ratio of 8.79 and a beta of 1.15. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.80.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the company posted $2.06 earnings per share. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. Equities research analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is currently 21.36%.

Analyst Ratings Changes

A number of equities analysts have recently commented on AVT shares. Wells Fargo & Company lifted their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Truist Financial upped their price target on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus raised their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, Avnet currently has an average rating of “Hold” and an average price target of $48.50.

Avnet Profile

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.