Brandywine Global Investment Management LLC Purchases 9,667 Shares of Avnet, Inc. $AVT

Key Points

• Brandywine Global Investment Management LLC increased its stake in Avnet, Inc. by 3.2% in the first quarter, owning approximately 0.38% of the company valued at $15.18 million.
• Avnet recently reported quarterly earnings of $0.81 EPS, beating expectations with revenue of $5.62 billion for the quarter.
• Analysts have varied ratings for Avnet, with Bank of America raising its price target to $50.00 while Wells Fargo lowered its target to $43.00.

Brandywine Global Investment Management LLC grew its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 315,664 shares of the company's stock after buying an additional 9,667 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.38% of Avnet worth $15,180,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVT. Envestnet Asset Management Inc. boosted its holdings in shares of Avnet by 6.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 167,169 shares of the company's stock worth $8,746,000 after buying an additional 10,051 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after buying an additional 827 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of Avnet by 55.4% in the fourth quarter. Sterling Capital Management LLC now owns 5,321 shares of the company's stock worth $278,000 after buying an additional 1,898 shares during the period. Barclays PLC boosted its holdings in shares of Avnet by 2.4% in the fourth quarter. Barclays PLC now owns 94,036 shares of the company's stock worth $4,920,000 after buying an additional 2,194 shares during the period. Finally, CreativeOne Wealth LLC boosted its holdings in shares of Avnet by 45.1% in the fourth quarter. CreativeOne Wealth LLC now owns 11,576 shares of the company's stock worth $606,000 after buying an additional 3,597 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Stock Down 0.9%

NASDAQ AVT traded down $0.4860 during trading on Thursday, reaching $52.7940. The company's stock had a trading volume of 95,914 shares, compared to its average volume of 820,070. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $4.41 billion, a PE ratio of 19.30, a PEG ratio of 0.39 and a beta of 1.06. The business has a 50-day moving average price of $53.53 and a 200-day moving average price of $50.72. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.09. The firm had revenue of $5.62 billion during the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The company's revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 earnings per share. On average, research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

AVT has been the subject of several research reports. Bank of America raised their price target on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Truist Financial raised their price target on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company decreased their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Avnet presently has a consensus 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.