BlackRock Inc. Sells 264,002 Shares of Avnet, Inc. (NASDAQ:AVT)

Posted by on Mar 11th, 2023

BlackRock Inc. lowered its stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 2.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,015,778 shares of the company’s stock after selling 264,002 shares during the quarter. BlackRock Inc. owned about 9.85% of Avnet worth $325,652,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Ronald Blue Trust Inc. acquired a new stake in shares of Avnet in the second quarter valued at approximately $27,000. Quantbot Technologies LP acquired a new stake in shares of Avnet in the first quarter valued at approximately $38,000. Quadrant Capital Group LLC raised its holdings in shares of Avnet by 49.5% in the second quarter. Quadrant Capital Group LLC now owns 1,060 shares of the company’s stock valued at $45,000 after purchasing an additional 351 shares during the last quarter. TCI Wealth Advisors Inc. raised its holdings in shares of Avnet by 29.2% in the third quarter. TCI Wealth Advisors Inc. now owns 1,397 shares of the company’s stock valued at $50,000 after purchasing an additional 316 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Avnet by 22.5% in the third quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock valued at $61,000 after purchasing an additional 309 shares during the last quarter. Institutional investors own 97.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AVT. Citigroup lifted their price objective on shares of Avnet from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, February 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Avnet from $45.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday, February 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Avnet from $35.00 to $38.00 and gave the stock an “underweight” rating in a report on Thursday, February 2nd. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $43.50.

Avnet Price Performance

Shares of AVT opened at $42.95 on Friday. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 4.82 and a beta of 1.36. Avnet, Inc. has a 1-year low of $35.45 and a 1-year high of $50.19. The company’s fifty day simple moving average is $44.90 and its 200 day simple moving average is $42.12. The company has a current ratio of 2.54, a quick ratio of 1.31 and a debt-to-equity ratio of 0.67.

Avnet (NASDAQ:AVT – Get Rating) last released its quarterly earnings data on Wednesday, February 1st. The company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.83 by $0.17. Avnet had a net margin of 3.26% and a return on equity of 18.80%. The firm had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.53 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts forecast that Avnet, Inc. will post 7.2 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be issued a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $1.16 annualized dividend and a dividend yield of 2.70%. Avnet’s dividend payout ratio is currently 13.02%.

Avnet Company Profile

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Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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