Alliancebernstein L.P. Trims Stock Position in Avnet, Inc. $AVT

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

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Advisors LLC acquired a new stake in Avnet in the first quarter valued at $26,000. TD Private Client Wealth LLC boosted its position in shares of Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after acquiring an additional 246 shares in the last quarter. Curat Global LLC purchased a new position in shares of Avnet in the 1st quarter valued at about $42,000. Global X Japan Co. Ltd. acquired a new stake in shares of Avnet during the 1st quarter worth about $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Avnet during the first quarter worth approximately $49,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Performance

AVT traded down $0.66 during trading on Friday, hitting $53.45. 571,082 shares of the stock were exchanged, compared to its average volume of 1,024,982. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The stock has a fifty day moving average price of $53.98 and a two-hundred day moving average price of $51.07. The firm has a market capitalization of $4.46 billion, a P/E ratio of 19.58, a PEG ratio of 0.40 and a beta of 1.08.

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

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be paid a $0.35 dividend. This is a boost from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, September 17th. Avnet's dividend payout ratio (DPR) is presently 48.35%.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of research analyst reports. Bank of America upped their price target on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th. Truist Financial boosted their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock 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 stock. According to MarketBeat.com, the stock has an average rating of "Sell" and an average target price of $49.00.

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.