Bayforest Capital Ltd Has $1.31 Million Holdings in Avnet, Inc. $AVT

Key Points

• Bayforest Capital Ltd increased its holdings in Avnet, Inc. by 294.5% in the first quarter, making Avnet its 10th largest position with shares valued at approximately $1.31 million.
• Avnet recently declared a quarterly dividend increase from $0.33 to $0.35, resulting in an annualized yield of 2.6% and indicating a dividend payout ratio of 48.35%.
• In recent analyst reports, Bank of America and Truist Financial adjusted their target prices for Avnet, with an average price target now set at $49.00 and a consensus rating of "Sell."

Bayforest Capital Ltd boosted its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 294.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,247 shares of the company's stock after buying an additional 20,340 shares during the quarter. Avnet makes up about 0.6% of Bayforest Capital Ltd's investment portfolio, making the stock its 10th largest holding. Bayforest Capital Ltd's holdings in Avnet were worth $1,310,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. American Century Companies Inc. grew its position in Avnet by 10.8% during the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock valued at $186,631,000 after buying an additional 378,440 shares during the period. Hotchkis & Wiley Capital Management LLC grew its position in Avnet by 5.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock valued at $124,131,000 after buying an additional 134,372 shares during the period. Earnest Partners LLC grew its position in Avnet by 3.4% during the first quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock valued at $73,100,000 after buying an additional 50,041 shares during the period. AQR Capital Management LLC grew its position in Avnet by 7.9% during the first quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company's stock valued at $63,043,000 after buying an additional 97,466 shares during the period. Finally, Woodline Partners LP grew its position in Avnet by 44.9% during the first quarter. Woodline Partners LP now owns 1,055,356 shares of the company's stock valued at $50,752,000 after buying an additional 327,195 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Price Performance

Shares of AVT stock traded down $0.66 during mid-day trading on Friday, hitting $53.45. The company had a trading volume of 571,082 shares, compared to its average volume of 857,417. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The stock's 50 day moving average price is $54.03 and its 200-day moving average price is $51.06. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The company has a market capitalization of $4.46 billion, a P/E ratio of 19.58, a P/E/G ratio of 0.40 and a beta of 1.08.

Avnet (NASDAQ:AVT - Get Free Report) last released its 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. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The company's quarterly revenue was up 1.0% compared to the same quarter last year. Equities research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced 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 represents a $1.40 annualized dividend and a dividend yield of 2.6%. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's payout ratio is presently 48.35%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AVT. Bank of America boosted their target price 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 boosted their price objective on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. One 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, the stock has a consensus rating of "Sell" and an average price target 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.