Avnet, Inc. $AVT Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its stake in Avnet, Inc. by 3.6%, selling 60,093 shares, which now brings their ownership to 1,597,524 shares valued at approximately $76.8 million.
• Avnet has recently announced an increase in its quarterly dividend to $0.35 per share, up from $0.33, with a dividend yield of 2.6%.
• Analysts have mixed views on Avnet, with a consensus rating of "Sell" and a recent price target set at $49.00.

Alliancebernstein L.P. decreased its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,597,524 shares of the company's stock after selling 60,093 shares during the period. Alliancebernstein L.P. owned 1.91% of Avnet worth $76,825,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AVT. Jane Street Group LLC increased its position in Avnet by 245.8% during the 4th quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock valued at $2,373,000 after purchasing an additional 32,235 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in Avnet during the 4th quarter valued at about $246,000. Bank of America Corp DE lifted its position in shares of Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after buying an additional 421,098 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Avnet by 142.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 103,791 shares of the company's stock valued at $5,430,000 after buying an additional 61,004 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Avnet by 9.8% during the fourth quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock valued at $1,561,000 after buying an additional 2,655 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on AVT. Bank of America increased their price target 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. Truist Financial increased their price target 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. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Sell" and an average price target of $49.00.

Avnet Stock Performance

Shares of Avnet stock traded down $0.69 during midday trading on Friday, hitting $53.43. The company had a trading volume of 92,665 shares, compared to its average volume of 854,557. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 0.40 and a beta of 1.08. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The company has a fifty day simple moving average of $54.03 and a 200 day simple moving average of $51.06. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same period last year, the firm posted $1.22 EPS. Avnet's revenue was up 1.0% on a year-over-year basis. As a group, analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be issued a $0.35 dividend. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, September 17th. This represents a $1.40 annualized dividend and a yield of 2.6%. Avnet's dividend payout ratio is currently 48.35%.

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.