Entropy Technologies LP Buys New Holdings in Avnet, Inc. (NASDAQ:AVT)

Key Points

• Entropy Technologies LP acquired a new position in Avnet, Inc., purchasing 34,642 shares valued at approximately $1.67 million during the first quarter.
• Analysts have mixed views on Avnet, with Wells Fargo lowering its price target from $45 to $43 and rating it "underweight," while Truist Financial raised its target from $50 to $54 with a "hold" rating.
• Avnet reported a net revenue of $5.62 billion in its last quarterly earnings, exceeding estimates, and predicts an EPS of 3.41 for the current year.

Entropy Technologies LP purchased a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 34,642 shares of the company's stock, valued at approximately $1,666,000.

A number of other large investors also recently made changes to their positions in the stock. Legacy Advisors LLC bought a new stake in shares of Avnet in the 1st quarter valued at $26,000. GeoWealth Management LLC bought a new position in Avnet during the 4th quarter worth about $31,000. Natixis increased its holdings in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares in the last quarter. TD Private Client Wealth LLC increased its holdings 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 purchasing an additional 246 shares in the last quarter. Finally, Curat Global LLC bought a new position in Avnet during the 1st quarter worth about $42,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on AVT shares. Truist Financial increased their target price 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 increased their target price on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday. Finally, Wells Fargo & Company lowered their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st.

Avnet Stock Down 2.0%

Shares of Avnet stock traded down $1.06 during trading hours on Friday, reaching $53.05. 91,427 shares of the company's stock were exchanged, compared to its average volume of 827,108. The company has a 50 day moving average of $53.38 and a two-hundred day moving average of $50.68. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a market cap of $4.45 billion, a P/E ratio of 19.44, a P/E/G ratio of 0.39 and a beta of 1.06.

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, topping 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 the consensus estimate of $5.36 billion. During the same period in the prior year, the business posted $1.22 EPS. The company's quarterly revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

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.