Morey & Quinn Wealth Partners LLC Trims Position in Avnet, Inc. $AVT

Morey & Quinn Wealth Partners LLC cut its position in Avnet, Inc. (NASDAQ:AVT) by 5.5% in the second quarter, HoldingsChannel.com reports. The firm owned 4,554 shares of the company’s stock after selling 266 shares during the quarter. Morey & Quinn Wealth Partners LLC’s holdings in Avnet were worth $242,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVT. American Century Companies Inc. increased its stake in shares of Avnet by 10.8% in the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company’s stock worth $186,631,000 after purchasing an additional 378,440 shares in the last quarter. Woodline Partners LP increased its stake in shares of Avnet by 44.9% in the first quarter. Woodline Partners LP now owns 1,055,356 shares of the company’s stock worth $50,752,000 after purchasing an additional 327,195 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Avnet in the first quarter worth $9,703,000. Gotham Asset Management LLC increased its stake in shares of Avnet by 96.1% in the first quarter. Gotham Asset Management LLC now owns 369,807 shares of the company’s stock worth $17,784,000 after purchasing an additional 181,246 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in shares of Avnet by 329.1% in the first quarter. Voya Investment Management LLC now owns 233,645 shares of the company’s stock worth $11,236,000 after purchasing an additional 179,197 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

AVT stock opened at $51.74 on Thursday. Avnet, Inc. has a 52 week low of $39.22 and a 52 week 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 $53.02 and a two-hundred day simple moving average of $51.52. The firm has a market capitalization of $4.32 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating 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 business had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same quarter last year, the business earned $1.22 earnings per share. Avnet’s quarterly revenue was up 1.0% compared to the same quarter last year. Analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVT. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Avnet in a research note on Wednesday. Bank of America raised 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 raised their target price on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, 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.