Inspire Investing LLC Makes New Investment in Avnet, Inc. $AVT

Key Points

• Inspire Investing LLC has invested $775,000 in Avnet, acquiring 16,118 shares during the first quarter, reflecting growing interest from institutional investors in the company.
• Avnet recently reported a quarterly EPS of $0.81, exceeding expectations, and announced an increase in its dividend from $0.33 to $0.35 per share, indicating strong financial performance.
• Despite positive earnings, Avnet has a consensus rating of Sell from analysts, with price targets updated by brokerages, indicating cautious sentiment towards the stock.

Inspire Investing LLC purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 16,118 shares of the company's stock, valued at approximately $775,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Advisors LLC purchased a new stake in Avnet in the 1st quarter worth approximately $26,000. TD Private Client Wealth LLC lifted its stake in shares of Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after purchasing an additional 246 shares during the period. Curat Global LLC purchased a new position in shares of Avnet in the 1st quarter valued at approximately $42,000. Global X Japan Co. Ltd. purchased a new position in shares of Avnet in the 1st quarter valued at approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Avnet in the 1st quarter valued at approximately $49,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Stock Performance

NASDAQ:AVT traded up $1.14 during mid-day trading on Thursday, hitting $53.45. 755,988 shares of the company traded hands, compared to its average volume of 855,713. The stock's fifty day moving average price is $53.81 and its 200-day moving average price is $51.12. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 0.40 and a beta of 1.08.

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

Avnet Increases Dividend

The business 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. The ex-dividend date of this dividend is Wednesday, September 17th. This is an increase from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a yield of 2.6%. Avnet's payout ratio is presently 48.35%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Bank of America raised their target price on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research note on Monday, August 11th. Truist Financial raised their target price on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Avnet presently has a consensus rating of "Sell" and an average target price 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.