Avnet, Inc. $AVT Stock: Fulcrum Asset Management LLP Raises Holdings

Fulcrum Asset Management LLP boosted its holdings in Avnet, Inc. (NASDAQ:AVT) by 466.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,076 shares of the company’s stock after buying an additional 16,530 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Avnet were worth $2,058,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in Avnet by 1.9% during the 1st quarter. Empowered Funds LLC now owns 6,833 shares of the company’s stock worth $421,000 after buying an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Avnet by 0.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company’s stock valued at $1,264,000 after acquiring an additional 159 shares during the last quarter. Elevation Wealth Partners LLC increased its holdings in shares of Avnet by 38.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock valued at $59,000 after acquiring an additional 185 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Avnet by 3.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,163 shares of the company’s stock valued at $318,000 after acquiring an additional 189 shares during the last quarter. Finally, Abacus Wealth Partners LLC raised its position in shares of Avnet by 7.1% during the 3rd quarter. Abacus Wealth Partners LLC now owns 2,975 shares of the company’s stock worth $297,000 after acquiring an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

AVT has been the subject of several recent analyst reports. Zacks Research cut Avnet from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Truist Financial upped their price target on Avnet from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Weiss Ratings upgraded shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Finally, Wells Fargo & Company raised their price objective on shares of Avnet from $80.00 to $85.00 and gave the stock an “underweight” rating in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.25.

Avnet Stock Up 0.4%

AVT opened at $85.10 on Wednesday. The business has a 50 day moving average price of $94.07 and a two-hundred day moving average price of $81.91. The company has a quick ratio of 0.87, a current ratio of 1.73 and a debt-to-equity ratio of 0.63. 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. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $108.63.

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

Avnet Increases Dividend

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

Insiders Place Their Bets

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

Avnet 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.