Great Lakes Advisors LLC Acquires 157,413 Shares of Avnet, Inc. (NASDAQ:AVT)

Great Lakes Advisors LLC grew its holdings in Avnet, Inc. (NASDAQ:AVT) by 2,607.9% during the second quarter, Holdings Channel.com reports. The firm owned 163,449 shares of the company’s stock after acquiring an additional 157,413 shares during the period. Great Lakes Advisors LLC’s holdings in Avnet were worth $8,416,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in shares of Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after purchasing an additional 223 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Avnet by 3.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock valued at $340,000 after purchasing an additional 243 shares during the last quarter. US Bancorp DE increased its holdings in shares of Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock valued at $651,000 after purchasing an additional 243 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in Avnet by 4.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock worth $325,000 after purchasing an additional 276 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 2.1 %

NASDAQ AVT opened at $50.74 on Friday. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.80. The stock has a 50-day simple moving average of $52.86 and a 200 day simple moving average of $51.07. 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 company has a market capitalization of $4.59 billion, a PE ratio of 8.21 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, beating 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 during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business posted $2.06 EPS. Avnet’s revenue was down 15.1% on a year-over-year basis. Research analysts forecast that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.60%. This is a boost from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is currently 21.36%.

Wall Street Analysts Forecast Growth

AVT has been the subject of several research reports. Wells Fargo & Company lifted their target price on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Stifel Nicolaus lifted their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Truist Financial upped their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, Avnet has a consensus rating of “Hold” and an average target price of $48.50.

Insider Activity

In other Avnet news, SVP Ken E. Arnold sold 8,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 40,239 shares in the company, valued at approximately $2,186,587.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is owned by company insiders.

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.