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

Vise Technologies Inc. bought a new stake in Avnet, Inc. (NASDAQ:AVT) in the 3rd quarter, HoldingsChannel reports. The fund bought 7,197 shares of the company’s stock, valued at approximately $719,000.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Avnet in the second quarter worth $916,146,000. Pzena Investment Management LLC purchased a new stake in shares of Avnet during the 2nd quarter valued at $277,153,000. Bank of America Corp DE purchased a new stake in shares of Avnet during the 2nd quarter valued at $91,844,000. Bank of New York Mellon Corp purchased a new stake in shares of Avnet during the 2nd quarter valued at $74,897,000. Finally, Wishbone Management LP acquired a new stake in shares of Avnet in the 2nd quarter worth $58,177,100. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Stock Up 0.4%

NASDAQ:AVT opened at $85.10 on Wednesday. The company has a current ratio of 1.73, a quick ratio of 0.87 and a debt-to-equity ratio of 0.63. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $108.63. The company has a market cap of $7.00 billion, a PE ratio of 12.78, a P/E/G ratio of 0.23 and a beta of 1.11. The company’s 50 day moving average is $94.07 and its two-hundred day moving average is $81.91.

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

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, September 9th. This is a positive change from Avnet’s previous quarterly dividend of $0.35. Avnet’s payout ratio is currently 22.22%.

Analysts Set New Price Targets

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

Insider Activity

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

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.