Avnet, Inc. $AVT Shares Sold by Lecap Asset Management Ltd.

Key Points

• Lecap Asset Management Ltd. has reduced its stake in Avnet, Inc. by 57.9%, now holding 9,897 shares valued at approximately $525,000 following the sale of 13,592 shares.
• Avnet increased its quarterly dividend to $0.35 from $0.33, with a dividend yield of 2.7% and a payout ratio of 51.28%.
• The company's recent earnings report show earnings per share of $0.81, surpassing analysts' expectations, with revenue of $5.62 billion for the quarter.

Lecap Asset Management Ltd. lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 57.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,897 shares of the company's stock after selling 13,592 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Avnet were worth $525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in Avnet during the 1st quarter worth $49,000. Assenagon Asset Management S.A. lifted its position in shares of Avnet by 14.8% during the first quarter. Assenagon Asset Management S.A. now owns 49,763 shares of the company's stock worth $2,393,000 after purchasing an additional 6,422 shares during the last quarter. GAMMA Investing LLC grew its stake in Avnet by 4,565.4% in the first quarter. GAMMA Investing LLC now owns 101,566 shares of the company's stock worth $4,884,000 after purchasing an additional 99,389 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Avnet by 109.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company's stock valued at $28,000 after buying an additional 276 shares during the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in Avnet during the first quarter valued at approximately $207,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Price Performance

Shares of AVT opened at $51.99 on Friday. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. 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 stock has a fifty day moving average price of $53.23 and a 200 day moving average price of $51.42. The company has a market cap of $4.34 billion, a P/E ratio of 19.04, a PEG ratio of 0.39 and a beta of 1.06.

Avnet (NASDAQ:AVT - Get Free Report) last announced 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. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The company had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. On average, research analysts forecast 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 was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were paid a $0.35 dividend. The ex-dividend date was Wednesday, September 17th. This is an increase from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. Avnet's dividend payout ratio (DPR) is 51.28%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Truist Financial lifted their target price 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 boosted their target price on shares of Avnet from $48.00 to $50.00 and gave the company 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. According to data from MarketBeat, the company currently has an average rating of "Sell" and an average target price 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.

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