Signaturefd LLC Buys 768 Shares of Avnet, Inc. (NASDAQ:AVT)

Signaturefd LLC lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 31.0% during the second quarter, HoldingsChannel.com reports. The fund owned 3,242 shares of the company’s stock after buying an additional 768 shares during the quarter. Signaturefd LLC’s holdings in Avnet were worth $167,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other Avnet news, SVP Ken E. Arnold sold 8,000 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Avnet Stock Up 0.7 %

Avnet stock opened at $55.18 on Tuesday. The business’s 50-day simple moving average is $52.85 and its two-hundred day simple moving average is $50.92. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The company has a market cap of $4.99 billion, a PE ratio of 8.93 and a beta of 1.16. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.80.

Avnet (NASDAQ:AVT) last issued its earnings results on Thursday, August 8th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the firm earned $2.06 earnings per share. Avnet’s revenue for the quarter was down 15.1% on a year-over-year basis. Equities analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current 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 paid a $0.33 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.39%. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is presently 21.36%.

Analysts Set New Price Targets

AVT has been the topic of a number of recent analyst reports. Truist Financial upped their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company increased their price target on 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 boosted their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $48.50.

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.