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

William Blair Investment Management LLC cut its position in shares of Avnet, Inc. (NASDAQ:AVT) by 7.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 607,551 shares of the company’s stock after selling 48,771 shares during the quarter. William Blair Investment Management LLC owned 0.72% of Avnet worth $32,249,000 at the end of the most recent quarter.

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

Avnet Trading Down 0.6%

Shares of AVT stock opened at $52.08 on Friday. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a market capitalization 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. The firm has a 50-day moving average price of $52.97 and a 200 day moving average price of $51.70. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Wednesday, September 17th were given a dividend of $0.35 per share. This is a positive change 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 currently 51.28%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a research note on Wednesday, October 8th. Bank of America upped their target price 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, Truist Financial increased 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. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $49.00.

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.