State of Michigan Retirement System Has $1.12 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

State of Michigan Retirement System lessened its stake in Avnet, Inc. (NASDAQ:AVT) by 1.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 21,805 shares of the company’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Avnet were worth $1,123,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in AVT. Fifth Third Bancorp boosted its stake in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares during the period. Verdence Capital Advisors LLC boosted its position in shares of Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock worth $361,000 after buying an additional 223 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Avnet by 3.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock worth $340,000 after buying an additional 243 shares in the last quarter. US Bancorp DE raised its position in Avnet by 1.9% in the 1st quarter. US Bancorp DE now owns 13,124 shares of the company’s stock valued at $651,000 after buying an additional 243 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in Avnet by 4.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock valued at $325,000 after acquiring an additional 276 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of AVT opened at $54.79 on Friday. 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 company’s fifty day simple moving average is $52.74 and its 200 day simple moving average is $50.70. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.80. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 8.87 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.27. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business earned $2.06 EPS. Avnet’s revenue for the quarter was down 15.1% compared to the same quarter last year. On average, research analysts forecast that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.41%. This is a boost from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is presently 21.36%.

Wall Street Analyst Weigh In

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

Insider Transactions at Avnet

In other Avnet news, SVP Ken E. Arnold sold 8,000 shares of the firm’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 sale, the senior vice president now 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 Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently 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.