Raymond James Financial Services Advisors Inc. Decreases Stock Position in Avnet, Inc. (NASDAQ:AVT)

Raymond James Financial Services Advisors Inc. lowered its stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 5.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,532 shares of the company’s stock after selling 4,814 shares during the period. Raymond James Financial Services Advisors Inc. owned approximately 0.08% of Avnet worth $3,224,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Avnet by 0.5% in the first quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company’s stock worth $438,893,000 after purchasing an additional 49,576 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Avnet by 8.2% in the third quarter. Dimensional Fund Advisors LP now owns 5,475,194 shares of the company’s stock worth $197,763,000 after purchasing an additional 416,367 shares during the last quarter. LSV Asset Management grew its stake in shares of Avnet by 113.1% in the fourth quarter. LSV Asset Management now owns 2,999,484 shares of the company’s stock worth $124,719,000 after purchasing an additional 1,591,846 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Avnet by 5.8% in the third quarter. First Trust Advisors LP now owns 2,278,927 shares of the company’s stock worth $82,314,000 after purchasing an additional 125,026 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Avnet by 3.7% in the third quarter. Nuveen Asset Management LLC now owns 1,112,892 shares of the company’s stock worth $40,198,000 after purchasing an additional 39,871 shares during the last quarter. Hedge funds and other institutional investors own 97.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. StockNews.com assumed coverage on Avnet in a research report on Thursday. They set a “hold” rating on the stock. JPMorgan Chase & Co. lifted their price objective on Avnet from $45.00 to $47.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Wells Fargo & Company lifted their price objective on Avnet from $35.00 to $38.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Finally, Citigroup lifted their price objective on Avnet from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. 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 stock presently has an average rating of “Hold” and a consensus price target of $44.00.

Avnet Stock Performance

Shares of AVT opened at $42.43 on Monday. The company has a quick ratio of 1.28, a current ratio of 2.63 and a debt-to-equity ratio of 0.65. The business’s 50 day moving average price is $42.61 and its 200-day moving average price is $44.26. Avnet, Inc. has a 52 week low of $35.45 and a 52 week high of $50.19. The stock has a market cap of $3.88 billion, a P/E ratio of 4.66 and a beta of 1.35.

Avnet (NASDAQ:AVT – Get Rating) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.22. Avnet had a return on equity of 17.71% and a net margin of 3.27%. The firm had revenue of $6.50 billion for the quarter, compared to analysts’ expectations of $6.31 billion. During the same period in the previous year, the firm posted $2.15 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. Equities research analysts anticipate that Avnet, Inc. will post 7.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Philip R. Gallagher sold 32,740 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $41.35, for a total value of $1,353,799.00. Following the completion of the transaction, the chief executive officer now directly owns 176,334 shares in the company, valued at approximately $7,291,410.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Avnet news, Director James A. Lawrence sold 72,851 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $41.69, for a total transaction of $3,037,158.19. Following the completion of the sale, the director now directly owns 15,100 shares in the company, valued at approximately $629,519. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Philip R. Gallagher sold 32,740 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $41.35, for a total transaction of $1,353,799.00. Following the sale, the chief executive officer now owns 176,334 shares of the company’s stock, valued at $7,291,410.90. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

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.