Caxton Associates LLP Invests $1.59 Million 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 purchased a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 33,029 shares of the company's stock, valued at approximately $1,588,000.

Several other large investors have also recently made changes to their positions in the stock. Legacy Advisors LLC purchased a new position in Avnet during the 1st quarter worth $26,000. TD Private Client Wealth LLC lifted its position in Avnet by 43.0% during the 1st 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 period. Curat Global LLC acquired a new stake in Avnet during the 1st quarter worth about $42,000. Global X Japan Co. Ltd. acquired a new stake in Avnet during the 1st quarter worth about $46,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Avnet during the 1st quarter worth about $49,000. 95.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of analyst reports. Truist Financial upped their price target on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Sell" and a consensus price target of $49.00.

Avnet Stock Performance

Shares of AVT traded down $0.66 during midday trading on Friday, reaching $53.45. 571,082 shares of the stock were exchanged, compared to its average volume of 1,024,982. The company has a market capitalization of $4.46 billion, a price-to-earnings ratio of 19.58, 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 business's 50-day moving average price is $53.98 and its 200 day moving average price is $51.07. 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 released its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. On average, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Increases Dividend

The company 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 $0.35 dividend. This is an increase 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 annualized dividend and a dividend yield of 2.6%. Avnet's dividend payout ratio is 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.