Webster Bank N. A. Has $162,000 Stake in Avnet, Inc. (NASDAQ:AVT)

Webster Bank N. A. reduced its position in shares of Avnet, Inc. (NASDAQ:AVT) by 21.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,140 shares of the company’s stock after selling 860 shares during the period. Webster Bank N. A.’s holdings in Avnet were worth $162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in Avnet in the 1st quarter valued at about $29,000. Hexagon Capital Partners LLC grew its position in Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after buying an additional 824 shares in the last quarter. GAMMA Investing LLC bought a new position in Avnet during the 4th quarter worth $63,000. Quadrant Capital Group LLC raised its holdings in Avnet by 40.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock valued at $73,000 after acquiring an additional 420 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Avnet by 729.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after acquiring an additional 1,350 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Philip R. Gallagher sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total value of $1,612,200.00. Following the completion of the transaction, the chief executive officer now owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Philip R. Gallagher sold 30,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the sale, the chief executive officer now owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the sale, the senior vice president now owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The disclosure for this sale can be found here. Insiders sold a total of 47,000 shares of company stock valued at $2,536,520 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AVT. Wells Fargo & Company boosted their price target on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday. Stifel Nicolaus upped their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday. Finally, Truist Financial lifted their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $48.50.

Avnet Price Performance

NASDAQ AVT traded down $0.42 during trading on Friday, hitting $52.95. 568,047 shares of the company’s stock were exchanged, compared to its average volume of 604,008. The stock’s 50 day moving average price is $52.45 and its two-hundred day moving average price is $49.91. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.46. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company has a market cap of $4.79 billion, a PE ratio of 8.57 and a beta of 1.16.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $0.95 by $0.27. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $2.06 EPS. The firm’s revenue was down 15.1% compared to the same quarter last year. Research analysts expect that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Wednesday, June 5th. Avnet’s dividend payout ratio (DPR) is 20.06%.

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.