Avnet, Inc. (NASDAQ:AVT) Shares Purchased by Foster & Motley Inc.

Foster & Motley Inc. grew its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 3.1% during the third quarter, Holdings Channel reports. The firm owned 129,960 shares of the company’s stock after purchasing an additional 3,885 shares during the period. Foster & Motley Inc.’s holdings in Avnet were worth $7,054,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AVT. Harbor Capital Advisors Inc. lifted its holdings in shares of Avnet by 43.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 65,419 shares of the company’s stock valued at $3,553,000 after purchasing an additional 19,789 shares during the last quarter. Eads & Heald Wealth Management increased its position in Avnet by 49.9% during the third quarter. Eads & Heald Wealth Management now owns 11,127 shares of the company’s stock worth $604,000 after buying an additional 3,703 shares during the period. State of Alaska Department of Revenue increased its position in Avnet by 0.9% during the third quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company’s stock worth $2,890,000 after buying an additional 455 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in Avnet by 442.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock valued at $200,000 after buying an additional 3,015 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Avnet by 318.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 17,897 shares of the company’s stock valued at $972,000 after acquiring an additional 13,615 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AVT. Stifel Nicolaus lifted their target price on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Truist Financial raised 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. Finally, Wells Fargo & Company upped their target price on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th.

Avnet Price Performance

Shares of NASDAQ AVT opened at $54.86 on Wednesday. The stock has a fifty day moving average price of $53.48 and a 200 day moving average price of $52.79. Avnet, Inc. has a 1-year low of $43.62 and a 1-year high of $59.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The company has a market cap of $4.79 billion, a PE ratio of 14.29 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business earned $1.61 EPS. Sell-side analysts forecast that Avnet, Inc. will post 4.24 EPS for the current year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date was Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s payout ratio is currently 34.56%.

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.