Eads & Heald Wealth Management Acquires 3,703 Shares of Avnet, Inc. (NASDAQ:AVT)

Eads & Heald Wealth Management grew its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 49.9% during the third quarter, Holdings Channel reports. The firm owned 11,127 shares of the company’s stock after purchasing an additional 3,703 shares during the period. Eads & Heald Wealth Management’s holdings in Avnet were worth $604,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. First Eagle Investment Management LLC lifted its holdings in Avnet by 9.8% in the 1st quarter. First Eagle Investment Management LLC now owns 210,113 shares of the company’s stock worth $10,417,000 after purchasing an additional 18,700 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Avnet by 316.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company’s stock valued at $2,349,000 after buying an additional 34,675 shares during the last quarter. Vanguard Group Inc. raised its holdings in Avnet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after acquiring an additional 519,478 shares during the period. Acadian Asset Management LLC lifted its position in Avnet by 21.2% during the 1st quarter. Acadian Asset Management LLC now owns 170,937 shares of the company’s stock worth $8,474,000 after acquiring an additional 29,884 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Avnet during the first quarter valued at about $4,333,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Up 0.6 %

Shares of AVT opened at $54.54 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.10 and a current ratio of 2.25. The company has a 50-day simple moving average of $53.50 and a 200-day simple moving average of $52.66. Avnet, Inc. has a 52 week low of $42.67 and a 52 week high of $59.24. The firm has a market capitalization of $4.77 billion, a P/E ratio of 14.28 and a beta of 1.15.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period in the previous year, the company posted $1.61 earnings per share. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, equities research analysts expect that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a $0.33 dividend. This is a boost from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Wednesday, September 11th. Avnet’s dividend payout ratio (DPR) is 34.56%.

Analyst Ratings Changes

A number of equities analysts have recently commented on AVT shares. Stifel Nicolaus lifted their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company lifted their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Truist Financial increased their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

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.