Charles Schwab Investment Management Inc. Sells 11,247 Shares of Avnet, Inc. $AVT

Charles Schwab Investment Management Inc. lessened its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 910,607 shares of the company's stock after selling 11,247 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.05% of Avnet worth $43,791,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Legacy Advisors LLC acquired a new position in Avnet during the first quarter worth approximately $26,000. GeoWealth Management LLC acquired a new position in shares of Avnet in the fourth quarter valued at approximately $31,000. Natixis grew its position in shares of Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the last quarter. TD Private Client Wealth LLC grew its position in shares of Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after purchasing an additional 246 shares during the last quarter. Finally, Curat Global LLC acquired a new position in shares of Avnet in the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Price Performance

Shares of AVT stock traded up $2.81 during trading on Friday, hitting $55.63. The company had a trading volume of 126,504 shares, compared to its average volume of 817,821. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The firm has a market capitalization of $4.64 billion, a P/E ratio of 20.38, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06. The stock's 50-day moving average price is $53.55 and its 200 day moving average price is $50.74. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24.

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

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be paid 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 annualized dividend and a yield of 2.5%. Avnet's dividend payout ratio is presently 48.35%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AVT. Truist Financial upped their target price on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Wells Fargo & Company decreased their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Finally, Bank of America upped their target price on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Sell" and a consensus price target of $49.00.

About Avnet

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.