Avnet, Inc. (NASDAQ:AVT) Stock Position Reduced by Boston Partners

Key Points

• Boston Partners has reduced its position in Avnet, Inc. by 41.6%, selling 355,550 shares to hold 499,969 shares worth approximately $24 million.
• Analyst opinions are mixed, with Truist Financial raising its target price to $54 but Bank of America assigning an "underperform" rating.
• Avnet reported earnings of $0.81 per share for the last quarter, exceeding estimates and showing a slight year-over-year revenue increase of 1.0% to $5.62 billion.

Boston Partners lessened its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 41.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 499,969 shares of the company's stock after selling 355,550 shares during the period. Boston Partners owned about 0.60% of Avnet worth $24,074,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of AVT. Envestnet Asset Management Inc. lifted its holdings in Avnet by 6.4% during the 4th 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 last quarter. Raymond James Financial Inc. bought a new stake in shares of Avnet in the 4th quarter worth approximately $32,676,000. Bessemer Group Inc. lifted its holdings in shares of Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Avnet by 55.4% in the 4th quarter. Sterling Capital Management LLC now owns 5,321 shares of the company's stock worth $278,000 after purchasing an additional 1,898 shares during the last quarter. Finally, Barclays PLC increased its position in Avnet by 2.4% in the 4th quarter. Barclays PLC now owns 94,036 shares of the company's stock valued at $4,920,000 after acquiring an additional 2,194 shares during the period. Institutional investors own 95.78% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVT. Truist Financial raised 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. Bank of America raised their target price on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday. Finally, Wells Fargo & Company lowered 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.

Avnet Stock Down 1.2%

AVT opened at $54.11 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 market cap of $4.54 billion, a P/E ratio of 19.82, a P/E/G ratio of 0.39 and a beta of 1.06. The stock's 50 day moving average price is $53.38 and its 200 day moving average price is $50.68.

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. Avnet had a return on equity of 6.07% and a net margin of 1.08%. The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period last year, the firm earned $1.22 EPS. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. As a group, research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

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.

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