Moran Wealth Management LLC Decreases Stock Position in Avnet, Inc. $AVT

Key Points

• Moran Wealth Management LLC has reduced its stake in Avnet, Inc. by 13.0% in the second quarter, holding 40,131 shares post-sale, valued at approximately $2.13 million.
• Avnet's quarterly earnings report revealed an EPS of $0.81, beating estimates, with revenue of $5.62 billion, marking a year-over-year increase of 1.0%.
• The company recently declared a quarterly dividend of $0.35, reflecting an increase from the previous $0.33, resulting in an annualized dividend yield of 2.7%.

Moran Wealth Management LLC lessened its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 13.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,131 shares of the company's stock after selling 6,000 shares during the period. Moran Wealth Management LLC's holdings in Avnet were worth $2,130,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. SG Americas Securities LLC lifted its position in Avnet by 167.6% in the first quarter. SG Americas Securities LLC now owns 20,601 shares of the company's stock valued at $991,000 after purchasing an additional 12,904 shares during the last quarter. Sowell Financial Services LLC bought a new stake in Avnet during the 1st quarter valued at $207,000. State of Alaska Department of Revenue boosted its position in Avnet by 9.0% during the 1st quarter. State of Alaska Department of Revenue now owns 57,671 shares of the company's stock valued at $2,773,000 after buying an additional 4,759 shares during the period. Global X Japan Co. Ltd. bought a new stake in Avnet in the 1st quarter worth $46,000. Finally, Blue Trust Inc. increased its position in shares of Avnet by 10.5% in the first quarter. Blue Trust Inc. now owns 3,812 shares of the company's stock valued at $183,000 after acquiring an additional 361 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on AVT. Truist Financial increased their target price 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 increased their price objective on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Avnet in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Avnet has a consensus rating of "Reduce" and a consensus price target of $49.00.

Avnet Price Performance

Shares of AVT stock opened at $52.49 on Thursday. The business's fifty day moving average is $52.95 and its 200 day moving average is $51.61. 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 stock has a market cap of $4.37 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 0.38 and a beta of 1.06. 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 announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. The business had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The company's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.22 earnings per share. Research analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Avnet's previous quarterly dividend of $0.33. Avnet's payout ratio is presently 51.28%.

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.

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