Mackenzie Financial Corp Purchases 28,109 Shares of Avnet, Inc. (NASDAQ:AVT)

Mackenzie Financial Corp increased its holdings in Avnet, Inc. (NASDAQ:AVT) by 106.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,519 shares of the company’s stock after buying an additional 28,109 shares during the period. Mackenzie Financial Corp owned 0.06% of Avnet worth $2,807,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AVT. US Bancorp DE lifted its position in Avnet by 31.5% during the fourth quarter. US Bancorp DE now owns 12,881 shares of the company’s stock valued at $649,000 after purchasing an additional 3,082 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of Avnet by 4.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 41,576 shares of the company’s stock worth $2,095,000 after acquiring an additional 1,671 shares during the last quarter. First Trust Advisors LP grew its position in Avnet by 2.2% in the fourth quarter. First Trust Advisors LP now owns 747,337 shares of the company’s stock worth $37,666,000 after acquiring an additional 15,844 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Avnet by 2.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 232,088 shares of the company’s stock worth $11,697,000 after acquiring an additional 4,512 shares in the last quarter. Finally, Morningstar Investment Services LLC increased its stake in Avnet by 109.5% in the fourth quarter. Morningstar Investment Services LLC now owns 41,897 shares of the company’s stock valued at $2,123,000 after acquiring an additional 21,896 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AVT. Stifel Nicolaus upped their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Truist Financial upped their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company increased 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. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat.com, Avnet presently has an average rating of “Hold” and an average price target of $48.50.

Avnet Stock Down 0.2 %

AVT opened at $53.36 on Thursday. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.80. The company has a current ratio of 2.32, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. The business’s 50-day moving average price is $52.83 and its 200-day moving average price is $51.72. The company has a market cap of $4.82 billion, a P/E ratio of 8.63 and a beta of 1.15.

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

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 annualized dividend and a yield of 2.47%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is presently 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.