Raymond James Trust N.A. Acquires 1,431 Shares of Avnet, Inc. (NASDAQ:AVT)

Raymond James Trust N.A. raised its holdings in Avnet, Inc. (NASDAQ:AVT) by 20.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,465 shares of the company’s stock after purchasing an additional 1,431 shares during the period. Raymond James Trust N.A.’s holdings in Avnet were worth $436,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Avnet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after acquiring an additional 519,478 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Avnet by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock valued at $315,175,000 after purchasing an additional 157,709 shares in the last quarter. Greenhaven Associates Inc. grew its holdings in shares of Avnet by 1.7% during the second quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock worth $201,961,000 after purchasing an additional 63,801 shares during the last quarter. Earnest Partners LLC increased its stake in shares of Avnet by 2.1% in the first quarter. Earnest Partners LLC now owns 1,442,681 shares of the company’s stock valued at $71,528,000 after buying an additional 29,710 shares during the period. Finally, Lind Value II ApS bought a new position in Avnet in the 2nd quarter valued at approximately $62,394,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the transaction, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

Avnet Stock Down 0.2 %

Shares of NASDAQ AVT opened at $54.91 on Wednesday. The company’s 50 day moving average price is $52.65 and its 200-day moving average price is $50.64. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.80. The company has a market capitalization of $4.96 billion, a P/E ratio of 8.89 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $2.06 earnings per share. Avnet’s revenue for the quarter was down 15.1% on a year-over-year basis. Equities analysts forecast that Avnet, Inc. will post 5.06 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.40%. Avnet’s payout ratio is 21.36%.

Wall Street Analysts Forecast Growth

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

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.