Crossmark Global Holdings Inc. Raises Stock Position in Avnet, Inc. (NASDAQ:AVT)

Crossmark Global Holdings Inc. increased its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 235,155 shares of the company's stock after purchasing an additional 12,103 shares during the period. Crossmark Global Holdings Inc. owned approximately 0.27% of Avnet worth $11,309,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVT. US Bancorp DE increased its holdings in Avnet by 10.1% during the fourth quarter. US Bancorp DE now owns 14,448 shares of the company's stock valued at $756,000 after buying an additional 1,321 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Avnet by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock worth $48,231,000 after purchasing an additional 5,209 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Avnet in the fourth quarter worth approximately $2,406,000. Raymond James Financial Inc. bought a new position in shares of Avnet in the fourth quarter worth approximately $32,676,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avnet by 2.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,011 shares of the company's stock worth $995,000 after purchasing an additional 419 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Performance

AVT stock traded down $0.29 during trading on Friday, reaching $56.01. The company had a trading volume of 434,988 shares, compared to its average volume of 751,668. The firm has a 50-day simple moving average of $51.92 and a 200-day simple moving average of $50.54. The company has a market cap of $4.70 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 1.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. 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 released its earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.12. The company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. Avnet's revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the business earned $1.10 EPS. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's payout ratio is 36.97%.

Analyst Ratings Changes

AVT has been the subject of a number of research reports. Truist Financial dropped their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company dropped their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st.

Insider Buying and Selling

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the transaction, the vice president directly owned 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.50% of the company's stock.

Avnet Company 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.