Comerica Bank Reduces Holdings in Avnet, Inc. (NASDAQ:AVT)

Comerica Bank trimmed its stake in shares of Avnet, Inc. (NASDAQ:AVTGet Rating) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,579 shares of the company’s stock after selling 1,935 shares during the quarter. Comerica Bank owned 0.06% of Avnet worth $2,055,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVT. Ronald Blue Trust Inc. bought a new stake in shares of Avnet during the 2nd quarter valued at $27,000. Quantbot Technologies LP bought a new stake in shares of Avnet during the 1st quarter valued at $38,000. Ellevest Inc. raised its stake in shares of Avnet by 110.9% during the 2nd quarter. Ellevest Inc. now owns 930 shares of the company’s stock valued at $40,000 after purchasing an additional 489 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Avnet by 49.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,060 shares of the company’s stock valued at $45,000 after purchasing an additional 351 shares during the period. Finally, Pinebridge Investments L.P. raised its stake in shares of Avnet by 442.5% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,085 shares of the company’s stock valued at $47,000 after purchasing an additional 885 shares during the period. 97.11% of the stock is currently owned by institutional investors.

Avnet Price Performance

Shares of NASDAQ AVT opened at $43.40 on Friday. The firm has a market capitalization of $3.97 billion, a P/E ratio of 5.58, a P/E/G ratio of 0.26 and a beta of 1.33. The company has a quick ratio of 1.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.45. The stock’s 50-day simple moving average is $43.34 and its two-hundred day simple moving average is $41.85. Avnet, Inc. has a twelve month low of $35.45 and a twelve month high of $50.19.

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

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend was Tuesday, December 6th. Avnet’s payout ratio is currently 14.91%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AVT shares. StockNews.com lowered Avnet from a “buy” rating to a “hold” rating in a research note on Friday, October 28th. Stifel Nicolaus decreased their target price on Avnet from $48.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, October 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $44.86.

About Avnet

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Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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