Wealth Enhancement Advisory Services LLC Buys 4,033 Shares of Avnet, Inc. $AVT

Wealth Enhancement Advisory Services LLC boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 25.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,173 shares of the company’s stock after acquiring an additional 4,033 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Avnet were worth $1,135,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Hexagon Capital Partners LLC boosted its holdings in Avnet by 12.9% in the first quarter. Hexagon Capital Partners LLC now owns 1,822 shares of the company’s stock valued at $88,000 after acquiring an additional 208 shares during the last quarter. TD Private Client Wealth LLC raised its position in shares of Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Avnet by 7.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 3,972 shares of the company’s stock worth $185,000 after purchasing an additional 275 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of Avnet by 109.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after purchasing an additional 276 shares during the period. Finally, SummerHaven Investment Management LLC raised its position in shares of Avnet by 1.9% during the first quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company’s stock worth $731,000 after purchasing an additional 279 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Bank of America upped their target price on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Truist Financial upped their price target on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Sell” and a consensus price target of $49.00.

Avnet Stock Down 0.1%

AVT stock opened at $52.21 on Thursday. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The stock has a fifty day moving average of $53.25 and a 200-day moving average of $51.40. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 0.39 and a beta of 1.06.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter last year, the company earned $1.22 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. As a group, equities research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Wednesday, September 17th. This is an increase from Avnet’s previous quarterly dividend of $0.33. Avnet’s payout ratio is 51.28%.

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.