Avnet, Inc. $AVT Shares Bought by Bahl & Gaynor Inc.

Key Points

• Bahl & Gaynor Inc. increased its holdings in Avnet, Inc. by 10.1%, owning approximately $26 million worth of stock by the end of the recent quarter.
• Analysts have mixed ratings for Avnet, with an average rating of "Sell" and a consensus target price of $49.00, despite some price target increases from firms like Truist Financial and Bank of America.
• Avnet has raised its quarterly dividend from $0.33 to $0.35, reflecting a 2.5% yield, with the upcoming payment scheduled for September 26th.

Bahl & Gaynor Inc. lifted its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 10.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 541,323 shares of the company's stock after purchasing an additional 49,586 shares during the quarter. Bahl & Gaynor Inc. owned about 0.65% of Avnet worth $26,032,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AVT. Legacy Advisors LLC bought a new stake in shares of Avnet in the first quarter worth about $26,000. GeoWealth Management LLC bought a new stake in shares of Avnet in the fourth quarter worth about $31,000. Natixis grew its position in Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after acquiring an additional 688 shares in the last quarter. TD Private Client Wealth LLC increased its stake in Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after acquiring an additional 246 shares during the last quarter. Finally, Curat Global LLC bought a new stake in Avnet during the first quarter worth approximately $42,000. 95.78% of the stock is owned by institutional investors.

Avnet Trading Down 0.3%

Shares of NASDAQ:AVT traded down $0.19 during trading hours on Thursday, hitting $54.82. 471,119 shares of the company's stock traded hands, compared to its average volume of 816,619. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The business has a fifty day moving average price of $53.88 and a 200-day moving average price of $50.87. The firm has a market capitalization of $4.58 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 0.41 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 (NASDAQ:AVT - Get Free Report) last announced its quarterly 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 analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.Avnet's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. Equities analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. This is an increase from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, September 17th. Avnet's dividend payout ratio (DPR) is currently 48.35%.

Analyst Upgrades and Downgrades

AVT has been the topic of several analyst reports. Truist Financial boosted their price objective on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Wells Fargo & Company reduced 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, Bank of America boosted their price objective on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Sell" and a consensus price target of $49.00.

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.