Avnet, Inc. (NASDAQ:AVT) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp increased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 35.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 822 shares of the company’s stock after purchasing an additional 214 shares during the quarter. Fifth Third Bancorp’s holdings in Avnet were worth $42,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in shares of Avnet during the 1st quarter worth approximately $29,000. Hexagon Capital Partners LLC boosted its stake in Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after buying an additional 824 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Avnet in the 4th quarter valued at $63,000. Quadrant Capital Group LLC increased its stake in shares of Avnet by 40.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after acquiring an additional 420 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Avnet by 729.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after acquiring an additional 1,350 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Down 0.5 %

Shares of AVT opened at $55.02 on Tuesday. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The firm has a market cap of $4.97 billion, a P/E ratio of 8.90 and a beta of 1.16. The company’s 50-day moving average price is $52.61 and its 200 day moving average price is $50.57. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.80.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. The firm had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm’s quarterly revenue was down 15.1% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. On average, sell-side analysts forecast that Avnet, Inc. will post 5.06 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is currently 21.36%.

Insider Activity

In related news, SVP Ken E. Arnold sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the sale, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP Ken E. Arnold sold 8,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the transaction, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 139,709 shares in the company, valued at approximately $7,507,961.66. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Truist Financial upped their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company increased their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus raised their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, Avnet has a consensus rating of “Hold” and a consensus target price of $48.50.

Avnet Company Profile

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.