Hotchkis & Wiley Capital Management LLC Acquires 134,372 Shares of Avnet, Inc. $AVT

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Avnet, Inc. by 5.5%, owning a total of 2,581,227 shares worth approximately $124 million.
• Avnet is set to pay a quarterly dividend of $0.35 per share on September 26th, which marks an increase from the previous dividend of $0.33.
• The company's latest earnings report showed a net revenue of $5.62 billion, surpassing analyst expectations of $5.36 billion, with earnings per share of $0.81.

Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,581,227 shares of the company's stock after purchasing an additional 134,372 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 3.08% of Avnet worth $124,131,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AVT. Barclays PLC boosted its stake in Avnet by 2.4% during the 4th quarter. Barclays PLC now owns 94,036 shares of the company's stock valued at $4,920,000 after purchasing an additional 2,194 shares during the last quarter. GeoWealth Management LLC purchased a new stake in Avnet during the 4th quarter valued at $31,000. Natixis boosted its stake in shares of Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after buying an additional 688 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Avnet by 7.5% in the 4th quarter. MetLife Investment Management LLC now owns 49,007 shares of the company's stock worth $2,564,000 after buying an additional 3,438 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Avnet by 667.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,818 shares of the company's stock worth $514,000 after buying an additional 8,539 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

Avnet stock traded up $0.22 during trading on Wednesday, reaching $55.01. The company had a trading volume of 559,121 shares, compared to its average volume of 820,382. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The firm's 50-day simple moving average is $53.80 and its 200 day simple moving average is $50.85. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 0.41 and a beta of 1.06. 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 announced its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period last year, the firm earned $1.22 EPS. Avnet's revenue for the quarter was up 1.0% compared to the same quarter last year. Sell-side analysts forecast 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. Shareholders of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. 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 2.5%. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's payout ratio is 48.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AVT shares. Truist Financial raised their price target on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Finally, 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 note on Monday, August 11th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company 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.