Invesco Ltd. Lowers Holdings in Avnet, Inc. $AVT

Key Points

• Invesco Ltd. has reduced its stake in Avnet, Inc. by 5.2%, now holding approximately $29.15 million worth of the company's shares.
• Several institutional investors have recently altered their positions in Avnet, with GAMMA Investing LLC significantly increasing its holdings by over 4,500% in the first quarter.
• Avnet reported a better-than-expected quarterly earnings of $0.81 per share, surpassing analyst estimates, while revenue increased by 1.0% year-over-year to $5.62 billion.

Invesco Ltd. trimmed its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 606,230 shares of the company's stock after selling 33,297 shares during the period. Invesco Ltd. owned approximately 0.72% of Avnet worth $29,154,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Barclays PLC boosted its position in shares of Avnet by 2.4% during the 4th 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. GeoWealth Management LLC purchased a new stake in shares of Avnet during the 4th quarter worth $31,000. Natixis boosted its position in shares of 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. MetLife Investment Management LLC boosted its position in shares of Avnet by 7.5% during the 4th quarter. MetLife Investment Management LLC now owns 49,007 shares of the company's stock worth $2,564,000 after purchasing an additional 3,438 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Avnet by 667.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,818 shares of the company's stock worth $514,000 after purchasing an additional 8,539 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wells Fargo & Company decreased their target price 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. Bank of America boosted their target price on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research report on Monday, August 11th. Finally, Truist Financial boosted their target price on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Sell" and a consensus target price of $49.00.

Avnet Price Performance

AVT stock traded down $0.56 during trading on Monday, hitting $55.10. The stock had a trading volume of 566,440 shares, compared to its average volume of 829,423. The company's 50 day moving average price is $53.73 and its two-hundred day moving average price is $50.82. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of 20.18, a price-to-earnings-growth ratio of 0.41 and a beta of 1.06. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $5.36 billion. During the same quarter in the previous year, the company posted $1.22 EPS. The firm's revenue for the quarter 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 17th. This is a positive change from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio is presently 48.35%.

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.