Advisors Asset Management Inc. Acquires 3,241 Shares of Avnet, Inc. (NASDAQ:AVT)

Advisors Asset Management Inc. boosted its position in shares of Avnet, Inc. (NASDAQ:AVTGet Rating) by 79.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,313 shares of the company’s stock after acquiring an additional 3,241 shares during the quarter. Advisors Asset Management Inc.’s holdings in Avnet were worth $314,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV bought a new stake in Avnet during the first quarter worth $214,000. Morningstar Investment Services LLC raised its position in Avnet by 19.3% during the first quarter. Morningstar Investment Services LLC now owns 14,304 shares of the company’s stock worth $600,000 after acquiring an additional 2,316 shares in the last quarter. M&T Bank Corp raised its position in shares of Avnet by 11.9% in the second quarter. M&T Bank Corp now owns 8,659 shares of the company’s stock valued at $259,000 after purchasing an additional 919 shares during the period. Camarda Financial Advisors LLC bought a new position in shares of Avnet in the first quarter valued at about $535,000. Finally, National Bank of Canada FI raised its position in shares of Avnet by 15.3% in the first quarter. National Bank of Canada FI now owns 108,000 shares of the company’s stock valued at $4,384,000 after purchasing an additional 14,300 shares during the period. 98.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVT. Wells Fargo & Company lowered shares of Avnet from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $45.00 to $35.00 in a research report on Friday, September 16th. Stifel Nicolaus dropped their price objective on shares of Avnet from $48.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, October 10th. Finally, StockNews.com lowered shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $44.86.

Avnet Trading Up 0.1 %

AVT stock opened at $44.21 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.04 and a current ratio of 2.04. The company’s 50-day simple moving average is $39.84 and its 200 day simple moving average is $42.38. Avnet, Inc. has a 52 week low of $35.45 and a 52 week high of $50.19. The company has a market capitalization of $4.05 billion, a PE ratio of 5.68, a price-to-earnings-growth ratio of 0.26 and a beta of 1.32.

Avnet (NASDAQ:AVTGet Rating) last released its quarterly earnings results on Wednesday, October 26th. The company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.91 by $0.09. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.36 billion. Avnet had a net margin of 3.00% and a return on equity of 18.23%. Avnet’s revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.22 earnings per share. As a group, sell-side analysts anticipate that Avnet, Inc. will post 6.97 earnings per share for the current year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Shareholders of record on Wednesday, December 7th will be paid a dividend of $0.29 per share. The ex-dividend date is Tuesday, December 6th. This represents a $1.16 dividend on an annualized basis and a yield of 2.62%. Avnet’s payout ratio is 14.91%.

Avnet Company Profile

(Get Rating)

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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