William Blair Investment Management LLC Has $32.25 Million Stock Holdings in Avnet, Inc. $AVT

William Blair Investment Management LLC trimmed its position in Avnet, Inc. (NASDAQ:AVT) by 7.4% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 607,551 shares of the company’s stock after selling 48,771 shares during the period. William Blair Investment Management LLC’s holdings in Avnet were worth $32,249,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVT. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Avnet by 109.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock valued at $28,000 after acquiring an additional 276 shares during the period. Legacy Advisors LLC acquired a new stake in Avnet in the first quarter worth about $26,000. TD Private Client Wealth LLC raised its holdings in Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Avnet during the 1st quarter valued at about $49,000. Finally, SVB Wealth LLC acquired a new position in Avnet during the 1st quarter valued at about $54,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Truist Financial lifted their price target on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Bank of America raised their price objective on shares of Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a research note on Monday, August 11th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Avnet in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $49.00.

Avnet Price Performance

AVT opened at $52.08 on Friday. The stock has a market cap of $4.34 billion, a P/E ratio of 19.08, a P/E/G ratio of 0.39 and a beta of 1.06. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The company has a fifty day simple moving average of $52.97 and a 200 day simple moving average of $51.70.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. On average, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were issued a dividend of $0.35 per share. This is an increase from Avnet’s previous quarterly dividend of $0.33. The ex-dividend date was Wednesday, September 17th. This represents a $1.40 annualized dividend and a yield of 2.7%. Avnet’s dividend payout ratio is 51.28%.

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.