Janney Montgomery Scott LLC Increases Stock Position in Avnet, Inc. (NASDAQ:AVT)

Janney Montgomery Scott LLC raised its position in shares of Avnet, Inc. (NASDAQ:AVTFree Report) by 14.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,247 shares of the company’s stock after buying an additional 1,409 shares during the period. Janney Montgomery Scott LLC’s holdings in Avnet were worth $567,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC lifted its position in shares of Avnet by 67.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 30,761 shares of the company’s stock worth $1,550,000 after purchasing an additional 12,372 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Avnet by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after purchasing an additional 157,709 shares during the period. BNP Paribas Financial Markets lifted its position in Avnet by 53.0% during the 4th quarter. BNP Paribas Financial Markets now owns 18,025 shares of the company’s stock valued at $908,000 after acquiring an additional 6,241 shares during the period. Teacher Retirement System of Texas lifted its position in Avnet by 2.3% during the 4th quarter. Teacher Retirement System of Texas now owns 48,663 shares of the company’s stock valued at $2,453,000 after acquiring an additional 1,089 shares during the period. Finally, Access Investment Management LLC purchased a new position in Avnet during the 4th quarter valued at about $5,544,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 0.0 %

NASDAQ:AVT opened at $54.62 on Tuesday. The firm has a market cap of $4.94 billion, a P/E ratio of 8.84 and a beta of 1.19. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.46. The firm has a 50-day simple moving average of $50.55 and a two-hundred day simple moving average of $48.44.

Avnet (NASDAQ:AVTGet Free Report) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the business posted $2.00 earnings per share. The firm’s revenue for the quarter was down 13.2% compared to the same quarter last year. Analysts predict that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be paid a $0.31 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.27%. Avnet’s dividend payout ratio is presently 20.06%.

Wall Street Analysts Forecast Growth

Separately, Truist Financial lowered their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Avnet presently has an average rating of “Hold” and a consensus target price of $45.00.

Read Our Latest Report on Avnet

Insider Transactions at Avnet

In other news, Director Carlo Bozotti sold 9,000 shares of Avnet stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $54.40, for a total value of $489,600.00. Following the completion of the sale, the director now directly owns 11,578 shares in the company, valued at $629,843.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Philip R. Gallagher sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the transaction, the chief executive officer now owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carlo Bozotti sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the completion of the transaction, the director now directly owns 11,578 shares in the company, valued at approximately $629,843.20. The disclosure for this sale can be found here. Insiders sold 58,532 shares of company stock worth $3,110,237 over the last three months. 1.30% of the stock is currently owned by company insiders.

About Avnet

(Free Report)

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.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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