Ontario Teachers Pension Plan Board Has $1.82 Million Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Key Points

• Ontario Teachers Pension Plan Board has increased its stake in Avnet, Inc. by 144.8%, owning 37,779 shares valued at approximately $1.82 million.
• Multiple institutional investors, including TD Private Client Wealth LLC and Hexagon Capital Partners LLC, have also raised their positions in Avnet during the 1st quarter, indicating strong institutional interest.
• Avnet recently announced a dividend of $0.33 per share, resulting in an annualized dividend of $1.32 and a yield of 2.6%.

Ontario Teachers Pension Plan Board grew its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 144.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,779 shares of the company's stock after acquiring an additional 22,349 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Avnet were worth $1,817,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Lind Value II ApS raised its holdings in Avnet by 15.6% during the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after buying an additional 135,135 shares during the period. Northern Trust Corp grew 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 buying an additional 180,134 shares during the last quarter. Woodline Partners LP bought a new position in Avnet during the fourth quarter worth $38,097,000. Bank of America Corp DE increased its position in Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after acquiring an additional 421,098 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Avnet in the 4th quarter valued at $32,676,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on AVT shares. Bank of America upped their target price on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday. Wells Fargo & Company dropped their price objective 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, Truist Financial increased their target price on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th.

Avnet Stock Performance

Shares of NASDAQ AVT traded up $1.22 during trading hours on Tuesday, reaching $52.96. 174,489 shares of the stock were exchanged, compared to its average volume of 833,657. The firm has a market capitalization of $4.44 billion, a price-to-earnings ratio of 19.39, a P/E/G ratio of 1.22 and a beta of 1.06. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The stock's fifty day simple moving average is $53.18 and its 200 day simple moving average is $50.63.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%. The firm's quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 earnings per share. Sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, June 4th. Avnet's payout ratio is presently 48.35%.

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.