Comerica Bank Decreases Holdings in Avnet, Inc. (NASDAQ:AVT)

Comerica Bank trimmed its position in shares of Avnet, Inc. (NASDAQ:AVT) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,049 shares of the company’s stock after selling 1,836 shares during the period. Comerica Bank owned about 0.06% of Avnet worth $2,508,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new position in Avnet during the 2nd quarter worth approximately $1,339,000. Mackenzie Financial Corp grew its position in shares of Avnet by 3.7% in the 2nd quarter. Mackenzie Financial Corp now owns 103,506 shares of the company’s stock worth $4,149,000 after buying an additional 3,700 shares during the last quarter. TCW Group Inc. grew its position in shares of Avnet by 47.3% in the 2nd quarter. TCW Group Inc. now owns 52,457 shares of the company’s stock worth $2,102,000 after buying an additional 16,843 shares during the last quarter. Citigroup Inc. grew its position in shares of Avnet by 67.2% in the 2nd quarter. Citigroup Inc. now owns 64,882 shares of the company’s stock worth $2,600,000 after buying an additional 26,070 shares during the last quarter. Finally, AlphaCrest Capital Management LLC bought a new stake in shares of Avnet in the 2nd quarter worth approximately $1,592,000. Institutional investors and hedge funds own 95.42% of the company’s stock.

In other Avnet news, VP Elizabeth Mcmullen sold 3,251 shares of Avnet stock in a transaction on Monday, September 13th. The stock was sold at an average price of $38.47, for a total transaction of $125,065.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is currently owned by insiders.

NASDAQ AVT opened at $38.89 on Thursday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.34. Avnet, Inc. has a twelve month low of $30.26 and a twelve month high of $45.43. The firm has a market capitalization of $3.86 billion, a PE ratio of 12.12, a P/E/G ratio of 0.29 and a beta of 1.51. The stock’s 50 day moving average is $38.14 and its 200 day moving average is $40.06.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 27th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.14. The business had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Avnet had a return on equity of 8.92% and a net margin of 1.59%. The firm’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, research analysts anticipate that Avnet, Inc. will post 4.87 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Tuesday, November 30th. Avnet’s payout ratio is 29.91%.

A number of brokerages have recently weighed in on AVT. Truist Securities lifted their price objective on Avnet from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Friday, October 29th. Bank of America cut their price objective on Avnet from $49.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, October 7th. Truist lifted their price objective on Avnet from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Friday, October 29th. Raymond James lifted their price objective on Avnet from $50.00 to $52.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 12th. Finally, TheStreet upgraded Avnet from a “c+” rating to a “b” rating in a research report on Thursday, October 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $43.29.

About Avnet

Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronics Components and Farnell segments. The Electronics Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment involves in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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