William Blair Investment Management LLC Lowers Holdings in Avnet, Inc. (NASDAQ:AVT)

William Blair Investment Management LLC lowered its position in shares of Avnet, Inc. (NASDAQ:AVT) by 0.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 736,926 shares of the company’s stock after selling 1,291 shares during the period. William Blair Investment Management LLC owned about 0.82% of Avnet worth $37,944,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in AVT. Fifth Third Bancorp boosted its position in Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after acquiring an additional 214 shares in the last quarter. Verdence Capital Advisors LLC boosted its position in Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after purchasing an additional 223 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Avnet by 3.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock valued at $340,000 after purchasing an additional 243 shares during the last quarter. US Bancorp DE raised its holdings in Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after purchasing an additional 243 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its position in shares of 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 buying an additional 276 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVT. Wells Fargo & Company lifted their price objective on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Truist Financial lifted their price target on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Avnet has a consensus rating of “Hold” and a consensus price target of $48.50.

Avnet Stock Up 1.3 %

NASDAQ:AVT opened at $50.64 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. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.80. The company has a market cap of $4.46 billion, a PE ratio of 8.19 and a beta of 1.15. The company’s 50 day moving average is $52.78 and its two-hundred day moving average is $51.20.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The business’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.06 earnings per share. Analysts anticipate that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company 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. This represents a $1.32 annualized dividend and a dividend yield of 2.61%. This is a boost from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is presently 21.36%.

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.