EntryPoint Capital LLC Buys New Holdings in Avnet, Inc. $AVT

Key Points

• EntryPoint Capital LLC has acquired 4,874 shares of Avnet, Inc., valued at approximately $234,000, marking a new stake in the company.
• Analysts have varied opinions on Avnet's stock, with Wells Fargo downgrading their price target from $45.00 to $43.00 and Bank of America increasing theirs from $48.00 to $50.00.
• Avnet recently announced an increase in its quarterly dividend to $0.35 per share, up from $0.33, which represents an annualized dividend yield of 2.5%.

EntryPoint Capital LLC bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,874 shares of the company's stock, valued at approximately $234,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legacy Advisors LLC bought a new stake in Avnet in the 1st quarter valued at about $26,000. GeoWealth Management LLC bought a new stake in Avnet during the 4th quarter worth approximately $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 stake in Avnet during the 1st quarter worth approximately $42,000. 95.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on AVT. Wells Fargo & Company decreased their price objective on 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 upped their price objective on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research note on Monday, August 11th. Finally, Truist Financial upped their price objective on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Sell" and an average target price of $49.00.

Avnet Trading Up 5.4%

NASDAQ:AVT opened at $55.66 on Friday. The company has a market cap of $4.65 billion, a P/E ratio of 20.39, a P/E/G ratio of 0.40 and a beta of 1.06. The stock's fifty day moving average price is $53.66 and its two-hundred day moving average price is $50.78. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. 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 posted 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 firm had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 earnings per share. As a group, analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be given a dividend of $0.35 per share. This is an increase from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, September 17th. Avnet's dividend payout ratio (DPR) 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.

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