Dimensional Fund Advisors LP Has $289.14 Million Stake in Avnet, Inc. $AVT

Key Points

• Dimensional Fund Advisors LP reduced its stake in Avnet, Inc. by 2.7%, selling 164,240 shares, leaving them with 6,012,625 shares and approximately 7.17% ownership of the company.
• Avnet reported a better-than-expected EPS of $0.81 for the quarter, exceeding the consensus estimate of $0.72, and had a revenue of $5.62 billion.
• Analysts have issued mixed ratings on Avnet, with Bank of America raising their price target from $48 to $50 while Wells Fargo lowered their target from $45 to $43.

Dimensional Fund Advisors LP lessened its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,012,625 shares of the company's stock after selling 164,240 shares during the period. Dimensional Fund Advisors LP owned about 7.17% of Avnet worth $289,139,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Lind Value II ApS increased its stake in shares of Avnet by 15.6% in the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after buying an additional 135,135 shares during the last quarter. Northern Trust Corp increased its stake in Avnet by 25.2% during the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after purchasing an additional 180,134 shares during the last quarter. Woodline Partners LP bought a new stake in Avnet during the fourth quarter valued at $38,097,000. Bank of America Corp DE increased its stake in Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after purchasing an additional 421,098 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Avnet by 4.8% during the first quarter. Russell Investments Group Ltd. now owns 418,835 shares of the company's stock valued at $20,140,000 after purchasing an additional 19,242 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target 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. Bank of America boosted 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. Finally, Truist Financial upped 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. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Avnet has an average rating of "Sell" and an average price target of $49.00.

Avnet Price Performance

NASDAQ AVT traded up $2.8550 on Friday, reaching $55.6750. The company's stock had a trading volume of 221,483 shares, compared to its average volume of 818,260. 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. The stock has a market cap of $4.65 billion, a PE ratio of 20.41, a PEG ratio of 0.38 and a beta of 1.06. The firm's 50 day moving average is $53.55 and its two-hundred day moving average is $50.74.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The company had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. The business's quarterly revenue was up 1.0% on a year-over-year basis. As a group, sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be paid a dividend of $0.35 per share. This is a positive change from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.5%. Avnet's dividend payout ratio is currently 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.