Caisse DE Depot ET Placement DU Quebec Acquires Shares of 163,974 Avnet, Inc. $AVT

Key Points

• Caisse DE Depot ET Placement DU Quebec has acquired 163,974 shares of Avnet, Inc. during the first quarter, valued at approximately $7.89 million, bringing its total ownership to about 0.20% of the company.
• Avnet recently reported a quarterly revenue of $5.62 billion and earnings per share of $0.81, surpassing analysts' estimates.
• The company announced an increase in its quarterly dividend, now set at $0.35 per share, reflecting a 2.5% yield based on an annualized basis.

Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 163,974 shares of the company's stock, valued at approximately $7,886,000. Caisse DE Depot ET Placement DU Quebec owned 0.20% of Avnet at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Comerica Bank increased its holdings in Avnet by 47.1% in the first quarter. Comerica Bank now owns 41,651 shares of the company's stock valued at $2,003,000 after purchasing an additional 13,333 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in Avnet by 5.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock valued at $124,131,000 after acquiring an additional 134,372 shares during the period. SVB Wealth LLC acquired a new position in Avnet in the first quarter valued at about $54,000. Bahl & Gaynor Inc. increased its holdings in shares of Avnet by 10.1% in the first quarter. Bahl & Gaynor Inc. now owns 541,323 shares of the company's stock worth $26,032,000 after acquiring an additional 49,586 shares in the last quarter. Finally, CW Advisors LLC raised its position in shares of Avnet by 15.6% during the first quarter. CW Advisors LLC now owns 47,656 shares of the company's stock worth $2,292,000 after purchasing an additional 6,446 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Bank of America boosted their price objective on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday, August 11th. Truist Financial upped their target price on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Avnet presently has a consensus rating of "Sell" and an average target price of $49.00.

Avnet Stock Down 4.6%

AVT stock traded down $2.52 during mid-day trading on Tuesday, reaching $52.05. The company had a trading volume of 1,871,777 shares, compared to its average volume of 724,873. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 0.41 and a beta of 1.08. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The stock has a 50 day simple moving average of $54.08 and a two-hundred day simple moving average of $50.98. 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 data on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the business posted $1.22 EPS. The business's revenue was up 1.0% compared to the same quarter last year. As a group, equities analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be given a $0.35 dividend. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. Avnet's payout ratio is 48.35%.

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.