Morey & Quinn Wealth Partners LLC Sells 266 Shares of Avnet, Inc. $AVT

Morey & Quinn Wealth Partners LLC cut its holdings in Avnet, Inc. (NASDAQ:AVT) by 5.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,554 shares of the company’s stock after selling 266 shares during the period. Morey & Quinn Wealth Partners LLC’s holdings in Avnet were worth $242,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in AVT. GAMMA Investing LLC lifted its stake in Avnet by 4,565.4% in the first quarter. GAMMA Investing LLC now owns 101,566 shares of the company’s stock worth $4,884,000 after purchasing an additional 99,389 shares during the last quarter. SG Americas Securities LLC lifted its stake in Avnet by 167.6% in the first quarter. SG Americas Securities LLC now owns 20,601 shares of the company’s stock worth $991,000 after purchasing an additional 12,904 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Avnet by 14.8% in the first quarter. Assenagon Asset Management S.A. now owns 49,763 shares of the company’s stock worth $2,393,000 after purchasing an additional 6,422 shares during the last quarter. Alhambra Investment Management LLC bought a new stake in Avnet in the first quarter worth $211,000. Finally, SummerHaven Investment Management LLC lifted its stake in Avnet by 1.9% in the first quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company’s stock worth $731,000 after purchasing an additional 279 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AVT has been the topic of a number of analyst reports. Truist Financial boosted their price objective on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a research report on Wednesday. Finally, Bank of America boosted their price objective on shares of Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, August 11th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $49.00.

Avnet Trading Up 0.8%

Shares of NASDAQ AVT opened at $51.74 on Thursday. The firm’s 50 day moving average price is $53.02 and its 200-day moving average price is $51.52. The company has a market cap of $4.32 billion, a PE ratio of 18.95, a P/E/G ratio of 0.38 and a beta of 1.06. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 earnings per share. On average, equities research analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were issued a dividend of $0.35 per share. This is an increase from Avnet’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, September 17th. Avnet’s dividend payout ratio is currently 51.28%.

Avnet 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.