CreativeOne Wealth LLC Raises Stake in Avnet, Inc. (NASDAQ:AVT)

CreativeOne Wealth LLC lifted its position in shares of Avnet, Inc. (NASDAQ:AVT) by 21.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 7,979 shares of the company’s stock after buying an additional 1,421 shares during the period. CreativeOne Wealth LLC’s holdings in Avnet were worth $433,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC purchased a new position in Avnet during the first quarter worth about $839,000. Comerica Bank boosted its position in shares of Avnet by 4.5% in the first quarter. Comerica Bank now owns 41,099 shares of the company’s stock worth $2,038,000 after acquiring an additional 1,767 shares during the last quarter. Atria Investments Inc purchased a new stake in Avnet in the first quarter valued at approximately $1,872,000. GAMMA Investing LLC increased its position in Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in Avnet by 316.5% during the second quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company’s stock worth $2,349,000 after purchasing an additional 34,675 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Price Performance

Shares of AVT stock opened at $54.71 on Monday. The firm has a fifty day simple moving average of $54.34 and a 200-day simple moving average of $53.37. The company has a market capitalization of $4.76 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same period in the prior year, the company posted $1.61 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities research analysts anticipate that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.32 annualized dividend and a yield of 2.41%. Avnet’s dividend payout ratio is presently 34.55%.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of research analyst reports. Stifel Nicolaus upped their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company upped their price target 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. Finally, Truist Financial raised their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

Avnet 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.