Caxton Associates LLP Buys New Position in Avnet, Inc. $AVT

Key Points

• Caxton Associates LLP has invested approximately $1.59 million in Avnet, acquiring 33,029 shares in the first quarter.
• Avnet recently increased its quarterly dividend to $0.35 per share, representing a 2.6% yield and a positive change from the previous dividend of $0.33.
• Analysts have mixed views on Avnet's stock, with a consensus target price of $49.00 and ratings ranging from "Sell" to "Hold".

Caxton Associates LLP acquired a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,029 shares of the company's stock, valued at approximately $1,588,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Advisors LLC purchased a new stake in shares of Avnet in the first quarter valued at $26,000. TD Private Client Wealth LLC lifted its position 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 buying an additional 246 shares during the period. Curat Global LLC purchased a new position in Avnet during the first quarter worth about $42,000. Global X Japan Co. Ltd. purchased a new position in Avnet during the first quarter worth about $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Avnet during the first quarter worth about $49,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Avnet Trading Up 0.2%

AVT traded up $0.09 on Monday, reaching $53.54. 266,340 shares of the company's stock were exchanged, compared to its average volume of 853,989. The company's 50 day moving average is $53.98 and its 200-day moving average is $51.07. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 0.40 and a beta of 1.08. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. 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 (NASDAQ:AVT - Get Free Report) last posted its earnings results 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. The firm had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The company's revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS. Equities analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be given a dividend of $0.35 per share. 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 yield of 2.6%. Avnet's dividend payout ratio is currently 48.35%.

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.