Raymond James & Associates Cuts Position in Avnet, Inc. (NASDAQ:AVT)

Raymond James & Associates decreased its holdings in Avnet, Inc. (NASDAQ:AVT) by 5.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 530,792 shares of the company’s stock after selling 32,335 shares during the quarter. Raymond James & Associates owned 0.59% of Avnet worth $28,827,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp lifted its position in shares of Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after buying an additional 214 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after purchasing an additional 824 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Avnet in the second quarter valued at about $77,000. Versant Capital Management Inc increased its stake in shares of Avnet by 729.7% during the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after purchasing an additional 1,350 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Avnet by 68.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on AVT. Truist Financial lifted their price objective on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company boosted their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus raised their price objective on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th.

Avnet Trading Down 0.3 %

AVT opened at $53.91 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10. The company’s 50 day simple moving average is $53.49 and its two-hundred day simple moving average is $52.36. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 8.72 and a beta of 1.15. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.84.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company 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 company posted $2.06 earnings per share. The firm’s revenue for the quarter was down 15.1% compared to the same quarter last year. Analysts expect that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was 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 yield of 2.45%. Avnet’s payout ratio is 21.36%.

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.