Avnet, Inc. (NASDAQ:AVT) Stake Raised by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Avnet, Inc. (NASDAQ:AVT) by 10.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,592 shares of the company’s stock after acquiring an additional 1,752 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Avnet were worth $957,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in AVT. Rise Advisors LLC acquired a new position in shares of Avnet in the 1st quarter worth $29,000. Fifth Third Bancorp increased its stake in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after buying an additional 824 shares during the period. Quadrant Capital Group LLC lifted its stake in Avnet by 40.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock valued at $73,000 after buying an additional 420 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after buying an additional 620 shares during the period. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

AVT has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Truist Financial boosted their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus raised their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $48.50.

Insider Activity

In related news, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total value of $434,720.00. Following the transaction, the senior vice president now owns 40,239 shares in the company, valued at $2,186,587.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is owned by corporate insiders.

Avnet Stock Performance

AVT stock opened at $52.17 on Wednesday. The stock has a market cap of $4.72 billion, a P/E ratio of 8.44 and a beta of 1.16. 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 50 day simple moving average of $52.85 and a 200 day simple moving average of $50.97. Avnet, Inc. has a 52 week low of $42.67 and a 52 week high of $55.80.

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

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, September 11th. This is an increase from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.53%. Avnet’s dividend payout ratio (DPR) is 21.36%.

Avnet Company 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.