Avnet, Inc. $AVT is Bayforest Capital Ltd's 10th Largest Position

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 lifted its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 294.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,247 shares of the company's stock after buying an additional 20,340 shares during the period. Avnet comprises 0.6% of Bayforest Capital Ltd's investment portfolio, making the stock its 10th largest position. Bayforest Capital Ltd's holdings in Avnet were worth $1,310,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Legacy Advisors LLC purchased a new position in shares of Avnet during the 1st quarter valued at about $26,000. TD Private Client Wealth LLC raised its holdings 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 valued at $39,000 after buying an additional 246 shares in the last quarter. Curat Global LLC bought a new position in Avnet during the 1st quarter worth approximately $42,000. Global X Japan Co. Ltd. bought a new position in Avnet during the 1st quarter worth approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Avnet during the 1st quarter worth approximately $49,000. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on AVT. Truist Financial raised their price target on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Bank of America raised their price target on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Sell" and an average target price of $49.00.

Avnet Trading Down 1.2%

Shares of AVT stock traded down $0.66 during trading hours on Friday, reaching $53.45. The company's stock had a trading volume of 571,082 shares, compared to its average volume of 1,024,982. The stock 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, Inc. has a one year low of $39.22 and a one year high of $59.24. The firm's fifty day simple moving average is $53.98 and its 200 day simple moving average is $51.07. 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 data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $1.22 EPS. Equities research analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Wednesday, September 17th. This is a boost from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio (DPR) is 51.28%.

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.