Raymond James Financial Services Advisors Inc. Sells 4,814 Shares of Avnet, Inc. (NASDAQ:AVT)

Raymond James Financial Services Advisors Inc. lowered its position in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 5.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 77,532 shares of the company’s stock after selling 4,814 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Avnet were worth $3,224,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AVT. SummerHaven Investment Management LLC boosted its holdings in shares of Avnet by 1.5% during the 4th quarter. SummerHaven Investment Management LLC now owns 17,805 shares of the company’s stock valued at $740,000 after purchasing an additional 255 shares during the last quarter. Ellevest Inc. boosted its holdings in shares of Avnet by 36.8% during the 4th quarter. Ellevest Inc. now owns 1,052 shares of the company’s stock valued at $44,000 after purchasing an additional 283 shares during the last quarter. Synovus Financial Corp raised its position in shares of Avnet by 3.2% during the 4th quarter. Synovus Financial Corp now owns 9,518 shares of the company’s stock valued at $396,000 after buying an additional 292 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Avnet by 22.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock valued at $61,000 after buying an additional 309 shares in the last quarter. Finally, TCI Wealth Advisors Inc. raised its position in shares of Avnet by 29.2% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 1,397 shares of the company’s stock valued at $50,000 after buying an additional 316 shares in the last quarter. Institutional investors own 97.11% of the company’s stock.

Insider Activity

In other Avnet news, Director James A. Lawrence sold 72,851 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $41.69, for a total value of $3,037,158.19. Following the completion of the sale, the director now directly owns 15,100 shares in the company, valued at $629,519. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Philip R. Gallagher sold 32,740 shares of Avnet stock in a transaction on Monday, May 15th. The shares were sold at an average price of $41.35, for a total transaction of $1,353,799.00. Following the completion of the sale, the chief executive officer now directly owns 176,334 shares in the company, valued at $7,291,410.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James A. Lawrence sold 72,851 shares of Avnet stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $41.69, for a total transaction of $3,037,158.19. Following the sale, the director now owns 15,100 shares of the company’s stock, valued at $629,519. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $42.43 on Monday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 2.63. The firm’s 50 day simple moving average is $42.61 and its 200-day simple moving average is $44.26. Avnet, Inc. has a one year low of $35.45 and a one year high of $50.19. The firm has a market cap of $3.88 billion, a PE ratio of 4.66 and a beta of 1.35.

Avnet (NASDAQ:AVT – Get Rating) last released its quarterly earnings data on Wednesday, May 3rd. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.22. Avnet had a net margin of 3.27% and a return on equity of 17.71%. The firm had revenue of $6.50 billion for the quarter, compared to the consensus estimate of $6.31 billion. During the same period last year, the firm earned $2.15 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. As a group, equities analysts predict that Avnet, Inc. will post 7.63 EPS for the current year.

Analysts Set New Price Targets

AVT has been the topic of several recent research reports. Wells Fargo & Company upped their target price on shares of Avnet from $35.00 to $38.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Citigroup increased their price objective on shares of Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. StockNews.com assumed coverage on shares of Avnet in a research report on Thursday. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Avnet from $45.00 to $47.00 and gave the stock an “underweight” rating in a research report on Thursday, February 2nd. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $44.00.

Avnet Company Profile

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Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.