American Century Companies Inc. Has $186.63 Million Holdings in Avnet, Inc. $AVT

Key Points

• American Century Companies Inc. increased its stake in Avnet, Inc. by 10.8%, acquiring 378,440 shares and owning approximately 4.63% of the company, valued at $186.6 million.
• Avnet reported earnings per share of $0.81 for its recent quarter, beating the consensus estimate of $0.72 and showing a 1.0% increase in quarterly revenue year-over-year.
• Analyst ratings for Avnet show mixed opinions, with Bank of America maintaining an "underperform" rating while Truist Financial upgraded their rating and target price.

American Century Companies Inc. lifted its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 10.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,880,865 shares of the company's stock after buying an additional 378,440 shares during the period. American Century Companies Inc. owned about 4.63% of Avnet worth $186,631,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AVT. Woodline Partners LP acquired a new position in shares of Avnet during the 4th quarter worth about $38,097,000. Bank of America Corp DE raised its holdings in shares of Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after purchasing an additional 421,098 shares during the period. Nuveen LLC acquired a new stake in Avnet in the 1st quarter valued at about $9,703,000. Northern Trust Corp lifted its stake in Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after purchasing an additional 180,134 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in Avnet by 137.0% in the 4th quarter. Voloridge Investment Management LLC now owns 270,713 shares of the company's stock valued at $14,164,000 after purchasing an additional 156,508 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AVT shares. Bank of America raised 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. Truist Financial raised their target price on shares of Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company cut their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Avnet presently has an average rating of "Sell" and a consensus target price of $49.00.

Avnet Stock Performance

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

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.09. The firm had revenue of $5.62 billion for 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 business's revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 EPS. On average, sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

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.