Access Investment Management LLC reduced its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 27.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,000 shares of the company's stock after selling 30,000 shares during the period. Avnet makes up approximately 1.3% of Access Investment Management LLC's holdings, making the stock its 28th largest holding. Access Investment Management LLC owned approximately 0.10% of Avnet worth $4,930,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Avnet by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company's stock valued at $362,655,000 after buying an additional 22,137 shares in the last quarter. AQR Capital Management LLC grew its position in Avnet by 30.7% in the fourth quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company's stock valued at $142,394,000 after acquiring an additional 695,929 shares during the period. LSV Asset Management raised its stake in Avnet by 7.6% during the fourth quarter. LSV Asset Management now owns 2,811,171 shares of the company's stock worth $135,161,000 after acquiring an additional 197,400 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in Avnet by 5.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 2,011,676 shares of the company's stock worth $105,170,000 after acquiring an additional 101,873 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Avnet by 16.2% during the fourth quarter. Morgan Stanley now owns 1,524,945 shares of the company's stock valued at $73,319,000 after acquiring an additional 212,573 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on AVT. Weiss Ratings downgraded shares of Avnet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday. Truist Financial increased their target price on shares of Avnet to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Wall Street Zen raised shares of Avnet from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 25th. Wells Fargo & Company boosted their price target on shares of Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a research report on Monday, July 20th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $95.00 price objective on shares of Avnet in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Avnet currently has a consensus rating of "Hold" and a consensus price target of $89.50.
Get Our Latest Stock Analysis on AVT
Avnet Stock Up 2.4%
NASDAQ:AVT opened at $88.84 on Friday. The stock has a 50-day simple moving average of $87.60 and a 200 day simple moving average of $73.95. Avnet, Inc. has a 52-week low of $44.25 and a 52-week high of $95.26. The company has a market cap of $7.29 billion, a PE ratio of 34.57, a PEG ratio of 0.27 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 2.01.
Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.33 by $0.15. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The firm had revenue of $7.12 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the previous year, the business posted $0.84 EPS. The business's quarterly revenue was up 34.0% compared to the same quarter last year. On average, sell-side analysts expect that Avnet, Inc. will post 5.12 EPS for the current fiscal year.
Avnet Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. Avnet's dividend payout ratio (DPR) is 54.47%.
Insiders Place Their Bets
In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of Avnet stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the sale, the chief executive officer directly owned 145,003 shares in the company, valued at approximately $12,023,648.76. The trade was a 14.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.90% of the company's stock.
About Avnet
(
Free Report)
Avnet, Inc NASDAQ: AVT is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet's offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.
Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.
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