LPL Financial LLC Acquires 3,826 Shares of Avnet, Inc. $AVT

LPL Financial LLC increased its position in Avnet, Inc. (NASDAQ:AVT) by 8.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,428 shares of the company’s stock after acquiring an additional 3,826 shares during the quarter. LPL Financial LLC owned about 0.06% of Avnet worth $2,377,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Avnet by 5.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,076 shares of the company’s stock worth $965,000 after buying an additional 1,065 shares during the period. HB Wealth Management LLC purchased a new position in Avnet during the 1st quarter valued at $203,000. Cetera Investment Advisers increased its position in Avnet by 5.8% during the 1st quarter. Cetera Investment Advisers now owns 6,244 shares of the company’s stock valued at $300,000 after purchasing an additional 340 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of Avnet by 1,359.3% during the 1st quarter. Lindbrook Capital LLC now owns 3,838 shares of the company’s stock valued at $185,000 after buying an additional 3,575 shares in the last quarter. Finally, Foundry Partners LLC boosted its holdings in shares of Avnet by 1.4% during the 1st quarter. Foundry Partners LLC now owns 136,522 shares of the company’s stock valued at $6,565,000 after buying an additional 1,847 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AVT. Bank of America boosted their target price on shares of Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, August 11th. Wells Fargo & Company dropped their target price on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Thursday, May 1st. Finally, Truist Financial boosted their target price on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a report on Thursday, August 7th.

Avnet Stock Performance

Shares of AVT stock opened at $53.46 on Tuesday. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The stock has a market cap of $4.48 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $53.47 and its 200-day moving average price is $50.68.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. Avnet’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 EPS. On average, equities analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

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.