Fuller & Thaler Asset Management Inc. Sells 12,810 Shares of Avnet, Inc. $AVT

Key Points

• Fuller & Thaler Asset Management Inc. reduced its holdings in Avnet, Inc. by 3.1%, now owning approximately 399,469 shares valued at $19,210,000, according to their latest SEC filing.
• Other hedge funds, including Barclays and Natixis, made adjustments to their stakes in Avnet, with 95.78% of the stock owned by institutional investors.
• Analysts have set new price targets for Avnet, with Bank of America raising its target to $50.00 while Wells Fargo lowered theirs to $43.00, indicating a general sentiment of caution surrounding the stock.

Fuller & Thaler Asset Management Inc. lowered its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 399,469 shares of the company's stock after selling 12,810 shares during the quarter. Fuller & Thaler Asset Management Inc. owned 0.48% of Avnet worth $19,210,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AVT. Mirae Asset Global Investments Co. Ltd. acquired a new position in Avnet in the first quarter valued at approximately $49,000. Deutsche Bank AG grew its holdings in shares of Avnet by 9.8% during the 4th quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock valued at $1,561,000 after acquiring an additional 2,655 shares in the last quarter. Barclays PLC boosted its holdings in Avnet by 2.4% in the fourth quarter. Barclays PLC now owns 94,036 shares of the company's stock worth $4,920,000 after purchasing an additional 2,194 shares in the last quarter. Jane Street Group LLC boosted its holdings in Avnet by 245.8% in the fourth quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock worth $2,373,000 after purchasing an additional 32,235 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Avnet by 4,565.4% during the first quarter. GAMMA Investing LLC now owns 101,566 shares of the company's stock valued at $4,884,000 after acquiring an additional 99,389 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Trading Down 0.3%

Shares of AVT traded down $0.19 during trading hours on Monday, hitting $55.47. 140,545 shares of the stock were exchanged, compared to its average volume of 818,532. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The firm has a market capitalization of $4.63 billion, a P/E ratio of 20.33, a price-to-earnings-growth ratio of 0.41 and a beta of 1.06. The business has a 50-day moving average of $53.66 and a 200-day moving average of $50.78. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share (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 firm had revenue of $5.62 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same period last year, the company earned $1.22 earnings per share. The business's revenue was up 1.0% on a year-over-year basis. On average, research analysts expect 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. Investors of record on Wednesday, September 17th will be paid 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 yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's dividend payout ratio is presently 48.35%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AVT shares. Truist Financial raised their price target on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Wells Fargo & Company reduced their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Finally, Bank of America boosted their price objective on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Sell" and a consensus price target of $49.00.

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.