Comerica Bank boosted its stake in shares of Avnet, Inc. (NYSE:AVT) by 18.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 319,847 shares of the technology company’s stock after buying an additional 49,710 shares during the period. Comerica Bank owned approximately 0.26% of Avnet worth $12,477,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of AVT. Breton Hill Capital Ltd. increased its stake in shares of Avnet by 10.1% in the first quarter. Breton Hill Capital Ltd. now owns 15,887 shares of the technology company’s stock valued at $727,000 after buying an additional 1,461 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Avnet by 7.2% in the first quarter. Russell Investments Group Ltd. now owns 995,983 shares of the technology company’s stock valued at $45,577,000 after buying an additional 66,581 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Avnet by 27.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,520 shares of the technology company’s stock valued at $710,000 after buying an additional 3,322 shares during the period. Speece Thorson Capital Group Inc. increased its stake in shares of Avnet by 3.0% in the first quarter. Speece Thorson Capital Group Inc. now owns 226,467 shares of the technology company’s stock valued at $10,363,000 after buying an additional 6,518 shares during the period. Finally, Nationwide Fund Advisors increased its stake in shares of Avnet by 4.8% in the first quarter. Nationwide Fund Advisors now owns 357,316 shares of the technology company’s stock valued at $16,351,000 after buying an additional 16,399 shares during the period. Institutional investors and hedge funds own 97.67% of the company’s stock.

Shares of Avnet, Inc. (NYSE AVT) opened at 37.54 on Thursday. The stock has a market cap of $4.66 billion, a P/E ratio of 9.19 and a beta of 1.04. The firm has a 50-day moving average of $38.68 and a 200-day moving average of $41.39. Avnet, Inc. has a 52-week low of $35.96 and a 52-week high of $51.50.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 earnings per share. On average, equities analysts expect that Avnet, Inc. will post $3.24 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Friday, September 1st. Avnet’s dividend payout ratio is presently 17.69%.

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Several brokerages recently commented on AVT. Citigroup Inc. restated a “sell” rating and issued a $31.00 price target on shares of Avnet in a research report on Friday, April 28th. Longbow Research downgraded shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. SunTrust Banks, Inc. downgraded shares of Avnet from a “buy” rating to a “hold” rating and reduced their price target for the company from $53.00 to $39.00 in a research report on Friday, April 28th. Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $44.00 to $40.00 in a research report on Friday, July 14th. Finally, Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $42.11.

In other Avnet news, Director James A. Lawrence acquired 408,451 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were acquired at an average price of $36.99 per share, with a total value of $15,108,602.49. Following the completion of the transaction, the director now directly owns 416,549 shares in the company, valued at approximately $15,408,147.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.47% of the company’s stock.

Avnet Company Profile

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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