Avnet, Inc. $AVT Stock Holdings Lifted by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its stake in Avnet, Inc. by 7.9%, owning a total of 1,334,817 shares after acquiring an additional 97,466 shares in the first quarter.
• Avnet recently announced a quarterly dividend of $0.35, an increase from its previous $0.33 dividend, representing a yield of 2.6%.
• The stock's current consensus rating is "Sell," with a newly adjusted price target of $49.00 from market analysts.

AQR Capital Management LLC increased its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,334,817 shares of the company's stock after purchasing an additional 97,466 shares during the period. AQR Capital Management LLC owned 1.59% of Avnet worth $63,043,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AVT. Northern Trust Corp increased its stake in shares of Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after acquiring an additional 180,134 shares during the last quarter. Jane Street Group LLC boosted its holdings in Avnet by 245.8% in the fourth quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock valued at $2,373,000 after acquiring an additional 32,235 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Avnet during the fourth quarter valued at about $246,000. Bank of America Corp DE increased its stake in Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after acquiring an additional 421,098 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Avnet by 142.6% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 103,791 shares of the company's stock valued at $5,430,000 after purchasing an additional 61,004 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on AVT shares. Bank of America raised their price target on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th. Truist Financial increased their target price on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Avnet presently has an average rating of "Sell" and a consensus price target of $49.00.

Avnet Stock Up 0.3%

NASDAQ AVT traded up $0.17 during trading hours on Thursday, reaching $54.11. 942,845 shares of the company traded hands, compared to its average volume of 998,474. The company has a 50 day moving average of $54.03 and a two-hundred day moving average of $51.06. The stock has a market capitalization of $4.52 billion, a PE ratio of 19.82, a PEG ratio of 0.40 and a beta of 1.08. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

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

Avnet Increases Dividend

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

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.