7,197 Shares in Avnet, Inc. $AVT Purchased by Vise Technologies Inc.

Vise Technologies Inc. acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 7,197 shares of the company’s stock, valued at approximately $719,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Avnet in the 2nd quarter worth about $916,146,000. Pzena Investment Management LLC purchased a new stake in shares of Avnet in the second quarter valued at approximately $277,153,000. Bank of America Corp DE bought a new position in Avnet in the second quarter worth approximately $91,844,000. Bank of New York Mellon Corp bought a new position in Avnet in the second quarter worth approximately $74,897,000. Finally, Wishbone Management LP bought a new position in Avnet in the second quarter worth approximately $58,177,100. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Zacks Research lowered Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Wells Fargo & Company increased their price target on Avnet from $80.00 to $85.00 and gave the stock an “underweight” rating in a research report on Thursday, November 5th. Truist Financial lifted their price objective on Avnet from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Weiss Ratings upgraded Avnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Finally, Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.25.

Insiders Place Their Bets

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by insiders.

Avnet Stock Performance

Shares of AVT stock opened at $85.10 on Wednesday. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 0.23 and a beta of 1.11. The company’s 50 day moving average is $94.07 and its 200 day moving average is $81.91. The company has a quick ratio of 0.87, a current ratio of 1.73 and a debt-to-equity ratio of 0.63. Avnet, Inc. has a 52-week low of $44.25 and a 52-week high of $108.63.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.86 by $0.77. The company had revenue of $10.72 billion during the quarter, compared to analyst estimates of $9.22 billion. Avnet had a return on equity of 14.15% and a net margin of 1.74%. Avnet’s revenue was up 81.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 earnings per share. On average, sell-side analysts anticipate that Avnet, Inc. will post 11.55 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th were paid a dividend of $0.37 per share. This is an increase from Avnet’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, September 9th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. Avnet’s dividend payout ratio (DPR) is currently 22.22%.

Avnet Company Profile

Avnet, Inc. is a global distributor of electronic components and technology products. Its offerings include semiconductors, interconnect and electromechanical components, and embedded systems used in products across industries such as communications, industrial, automotive, and healthcare. In addition to distributing components, Avnet provides services that support customers throughout product development and manufacturing. These include engineering and design assistance, supply-chain management, procurement, inventory planning, and logistics.