Advisors Asset Management Inc. boosted its holdings in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 79.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,313 shares of the company’s stock after buying an additional 3,241 shares during the quarter. Advisors Asset Management Inc.’s holdings in Avnet were worth $314,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the business. Ellevest Inc. raised its holdings in Avnet by 110.9% during the 2nd quarter. Ellevest Inc. now owns 930 shares of the company’s stock worth $40,000 after purchasing an additional 489 shares during the last quarter. Quantbot Technologies LP bought a new position in Avnet during the 1st quarter worth approximately $38,000. Pinebridge Investments L.P. raised its holdings in Avnet by 442.5% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,085 shares of the company’s stock worth $47,000 after purchasing an additional 885 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in Avnet during the 2nd quarter worth approximately $59,000. Finally, Captrust Financial Advisors raised its holdings in Avnet by 29.3% during the 1st quarter. Captrust Financial Advisors now owns 3,298 shares of the company’s stock worth $134,000 after purchasing an additional 747 shares during the last quarter. Institutional investors own 98.89% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the stock. Stifel Nicolaus lowered their price target on shares of Avnet from $48.00 to $42.00 and set a “hold” rating for the company in a report on Monday, October 10th. StockNews.com downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Finally, Wells Fargo & Company downgraded shares of Avnet from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $45.00 to $35.00 in a research report on Friday, September 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $44.86.
Avnet Stock Performance
Avnet (NASDAQ:AVT – Get Rating) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.91 by $0.09. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.36 billion. Avnet had a net margin of 3.00% and a return on equity of 18.23%. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Sell-side analysts predict that Avnet, Inc. will post 6.97 earnings per share for the current fiscal year.
Avnet Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Wednesday, December 7th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Tuesday, December 6th. Avnet’s dividend payout ratio is currently 14.91%.
Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.
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