Blue Trust Inc. Purchases 879 Shares of Avnet, Inc. (NASDAQ:AVT)

Blue Trust Inc. increased its position in Avnet, Inc. (NASDAQ:AVT) by 29.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,874 shares of the company’s stock after buying an additional 879 shares during the quarter. Blue Trust Inc.’s holdings in Avnet were worth $199,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Park Avenue Securities LLC raised its stake in shares of Avnet by 5.7% during the first quarter. Park Avenue Securities LLC now owns 5,267 shares of the company’s stock worth $261,000 after acquiring an additional 283 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings 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 valued at $45,000 after purchasing an additional 824 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Avnet by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 66,498 shares of the company’s stock worth $3,297,000 after purchasing an additional 703 shares during the period. State of Michigan Retirement System lifted its stake in Avnet by 2.3% in the first quarter. State of Michigan Retirement System now owns 22,205 shares of the company’s stock worth $1,101,000 after purchasing an additional 500 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC boosted its position in Avnet by 7.6% during the first quarter. Measured Wealth Private Client Group LLC now owns 16,349 shares of the company’s stock valued at $811,000 after buying an additional 1,158 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Avnet stock opened at $53.92 on Friday. The company has a current ratio of 2.32, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. The firm has a market cap of $4.87 billion, a P/E ratio of 8.72 and a beta of 1.15. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.84. The firm has a 50-day moving average of $53.49 and a 200-day moving average of $52.42.

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 return on equity of 9.92% and a net margin of 2.10%. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business posted $2.06 EPS. The business’s revenue was down 15.1% on a year-over-year basis. Sell-side analysts expect that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. This is an increase from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date was Wednesday, September 11th. Avnet’s payout ratio is presently 21.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Stifel Nicolaus boosted their price objective on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Truist Financial increased their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

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.