Comerica Bank Has $2 Million Stock Position in Avnet, Inc. $AVT

Comerica Bank grew its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 47.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,651 shares of the company's stock after purchasing an additional 13,333 shares during the period. Comerica Bank's holdings in Avnet were worth $2,003,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Avnet by 5.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock valued at $124,131,000 after purchasing an additional 134,372 shares during the period. SVB Wealth LLC acquired a new position in shares of Avnet during the first quarter valued at about $54,000. Bahl & Gaynor Inc. raised its holdings in shares of Avnet by 10.1% during the first quarter. Bahl & Gaynor Inc. now owns 541,323 shares of the company's stock valued at $26,032,000 after purchasing an additional 49,586 shares during the period. CW Advisors LLC raised its holdings in shares of Avnet by 15.6% during the first quarter. CW Advisors LLC now owns 47,656 shares of the company's stock valued at $2,292,000 after purchasing an additional 6,446 shares during the period. Finally, Martingale Asset Management L P raised its holdings in shares of Avnet by 12.3% during the first quarter. Martingale Asset Management L P now owns 6,419 shares of the company's stock valued at $309,000 after purchasing an additional 702 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Down 4.6%

Avnet stock opened at $52.05 on Wednesday. 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 market capitalization of $4.34 billion, a P/E ratio of 19.07, a P/E/G ratio of 0.41 and a beta of 1.08. The firm has a 50 day moving average price of $54.08 and a 200-day moving average price of $50.98. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. Avnet's revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, equities analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be issued a $0.35 dividend. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. Avnet's payout ratio is presently 48.35%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVT. Truist Financial upped their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Bank of America upped their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Avnet has an average rating of "Sell" and an average target price of $49.00.

About Avnet

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.

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