Boston Partners Lowers Stake in Avnet, Inc. $AVT

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 cut its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 41.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 499,969 shares of the company's stock after selling 355,550 shares during the period. Boston Partners owned 0.60% of Avnet worth $24,074,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Legacy Advisors LLC bought a new position in Avnet in the 1st quarter worth approximately $26,000. GeoWealth Management LLC bought a new position in Avnet in the 4th quarter worth approximately $31,000. Natixis boosted its holdings in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after buying an additional 688 shares during the period. TD Private Client Wealth LLC boosted its holdings in Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after buying an additional 246 shares during the period. Finally, Curat Global LLC bought a new position in Avnet in the 1st quarter worth approximately $42,000. 95.78% of the stock is owned by institutional investors.

Avnet Price Performance

NASDAQ:AVT traded down $0.23 during trading hours on Wednesday, hitting $53.28. The stock had a trading volume of 580,948 shares, compared to its average volume of 856,021. The company has a 50 day simple moving average of $53.53 and a two-hundred day simple moving average of $50.72. 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 market capitalization of $4.45 billion, a price-to-earnings ratio of 19.52, a P/E/G 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 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 firm had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the firm earned $1.22 EPS. The business's quarterly revenue was up 1.0% compared to the same quarter last year. Research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on AVT shares. Wells Fargo & Company cut their price objective 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. Truist Financial raised their price objective 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, Bank of America raised their price target on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Avnet 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.