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

Mackenzie Financial Corp raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 106.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,519 shares of the company's stock after acquiring an additional 28,109 shares during the quarter. Mackenzie Financial Corp owned approximately 0.06% of Avnet worth $2,807,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Rise Advisors LLC bought a new stake in Avnet during the first quarter worth about $29,000. Fifth Third Bancorp grew its stake in shares of Avnet by 35.2% in the second 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 raised its position in Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company's stock worth $45,000 after acquiring an additional 824 shares in the last quarter. nVerses Capital LLC acquired a new stake in Avnet in the second quarter valued at $77,000. Finally, Versant Capital Management Inc grew its position in shares of Avnet by 729.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company's stock valued at $79,000 after acquiring an additional 1,350 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on AVT. Wells Fargo & Company raised their target price on shares of Avnet from $40.00 to $45.00 and gave the company an "underweight" rating in a research note on Friday, August 9th. Stifel Nicolaus raised their price objective on Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Finally, Truist Financial boosted their target price on Avnet from $48.00 to $52.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $48.50.

Avnet Stock Performance

Avnet stock traded down $0.08 during trading hours on Thursday, hitting $53.28. The company had a trading volume of 372,856 shares, compared to its average volume of 598,160. The firm has a 50-day moving average of $52.83 and a 200 day moving average of $51.72. 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 firm has a market cap of $4.82 billion, a PE ratio of 8.60 and a beta of 1.15. Avnet, Inc. has a one year low of $42.67 and a one year high of $55.80.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results 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. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The firm's quarterly revenue was down 15.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.06 earnings per share. On average, sell-side analysts expect that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Wednesday, September 11th. This is a boost from Avnet's previous quarterly dividend of $0.31. Avnet's 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.