Raymond James Trust N.A. Boosts Holdings in Avnet, Inc. (NASDAQ:AVT)

Raymond James Trust N.A. raised its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 20.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,465 shares of the company’s stock after acquiring an additional 1,431 shares during the period. Raymond James Trust N.A.’s holdings in Avnet were worth $436,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in Avnet during the first quarter worth $29,000. Fifth Third Bancorp raised its position in shares of Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after acquiring an additional 214 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after acquiring an additional 824 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Avnet during the 4th quarter valued at about $63,000. Finally, 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 valued at $73,000 after purchasing an additional 420 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Price Performance

Shares of Avnet stock opened at $54.91 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. The business has a 50 day simple moving average of $52.65 and a two-hundred day simple moving average of $50.64. The stock has a market capitalization of $4.96 billion, a P/E ratio of 8.89 and a beta of 1.16. 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 EPS for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company earned $2.06 EPS. The firm’s revenue was down 15.1% compared to the same quarter last year. As a group, analysts predict that Avnet, Inc. will post 5.06 EPS for the current fiscal year.

Avnet Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on AVT shares. Stifel Nicolaus increased their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company lifted 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, Truist Financial upped their price objective on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $48.50.

Insider Activity at Avnet

In other Avnet news, SVP Ken E. Arnold sold 8,000 shares of the firm’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 value of $434,720.00. Following 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 filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

Avnet 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.