Mutual Advisors LLC Sells 289 Shares of Avnet, Inc. (NASDAQ:AVT)

Mutual Advisors LLC decreased its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 25,438 shares of the company’s stock after selling 289 shares during the period. Mutual Advisors LLC’s holdings in Avnet were worth $1,380,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in AVT. State of Michigan Retirement System raised its position in shares of Avnet by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 22,205 shares of the company’s stock valued at $1,101,000 after acquiring an additional 500 shares during the period. Norden Group LLC acquired a new stake in Avnet in the first quarter worth $272,000. BNP Paribas Financial Markets boosted its position in shares of Avnet by 253.1% during the first quarter. BNP Paribas Financial Markets now owns 63,653 shares of the company’s stock worth $3,156,000 after purchasing an additional 45,628 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Avnet by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 79,086 shares of the company’s stock valued at $3,921,000 after buying an additional 920 shares during the period. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Avnet by 3.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock valued at $340,000 after buying an additional 243 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

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

Avnet Price Performance

AVT stock opened at $54.54 on Friday. The stock has a 50-day moving average price of $53.50 and a two-hundred day moving average price of $52.66. Avnet, Inc. has a 1 year low of $42.67 and a 1 year high of $59.24. The stock has a market cap of $4.77 billion, a PE ratio of 14.28 and a beta of 1.15. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same period last year, the company earned $1.61 earnings per share. Avnet’s quarterly revenue was down 11.5% on a year-over-year basis. Equities analysts forecast that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.42%. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is currently 34.56%.

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.