Oppenheimer Asset Management Inc. Trims Position in Avnet, Inc. (NASDAQ:AVT)

Oppenheimer Asset Management Inc. lessened its stake in Avnet, Inc. (NASDAQ:AVT) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,776 shares of the company’s stock after selling 235 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Avnet were worth $3,138,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in AVT. Lind Value II ApS purchased a new position in Avnet in the 2nd quarter worth about $62,394,000. Vanguard Group Inc. increased its stake 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 buying an additional 519,478 shares during the period. AQR Capital Management LLC increased its stake in Avnet by 34.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock worth $94,713,000 after buying an additional 475,165 shares during the period. Raymond James & Associates increased its stake in Avnet by 39.5% in the 2nd quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock worth $28,995,000 after buying an additional 159,565 shares during the period. Finally, Great Lakes Advisors LLC increased its stake in Avnet by 2,607.9% in the 2nd quarter. Great Lakes Advisors LLC now owns 163,449 shares of the company’s stock worth $8,416,000 after buying an additional 157,413 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Avnet Stock Up 0.1 %

Shares of Avnet stock opened at $53.07 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. Avnet, Inc. has a 1 year low of $43.62 and a 1 year high of $59.24. The firm’s 50-day moving average is $53.73 and its two-hundred day moving average is $53.12. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 0.98 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. During the same period last year, the business earned $1.61 EPS. The company’s revenue was down 11.5% compared to the same quarter last year. As a group, research analysts expect that Avnet, Inc. will post 4.14 earnings per share for the current fiscal year.

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.