Raymond James & Associates Decreases Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Raymond James & Associates trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & 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 approximately 0.59% of Avnet worth $28,827,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of AVT. Fifth Third Bancorp raised its holdings in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company's stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company's stock worth $45,000 after purchasing an additional 824 shares in the last quarter. nVerses Capital LLC bought a new position in Avnet in the second quarter worth about $77,000. Versant Capital Management Inc raised its holdings in Avnet by 729.7% in 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 holdings in Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company's stock worth $79,000 after purchasing an additional 620 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Stock Up 0.6 %

Shares of AVT traded up $0.34 during mid-day trading on Thursday, hitting $54.25. 641,657 shares of the company traded hands, compared to its average volume of 589,599. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.84. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $4.90 billion, a PE ratio of 8.72 and a beta of 1.15. The business has a 50 day moving average of $53.50 and a 200 day moving average of $52.37.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $2.06 earnings per share. The company's revenue for the quarter was down 15.1% compared to the same quarter last year. Equities research analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Wednesday, September 11th. This is an increase from Avnet's previous quarterly dividend of $0.31. Avnet's dividend payout ratio is 21.36%.

Analysts Set New Price Targets

A number of brokerages have commented on AVT. Truist Financial boosted their target price on shares of 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 target price on shares of Avnet from $40.00 to $45.00 and gave the stock an "underweight" rating in a report on Friday, August 9th. Finally, Stifel Nicolaus upped their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a report on Friday, August 9th.

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.