Invesco Ltd. Has $29.15 Million Stock 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. lowered its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Avnet during the first quarter worth approximately $49,000. Deutsche Bank AG grew its stake in Avnet by 9.8% during the fourth quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock worth $1,561,000 after purchasing an additional 2,655 shares during the period. Barclays PLC grew its stake in Avnet by 2.4% during 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 during the period. 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 acquiring an additional 32,235 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Avnet by 4,565.4% in the first quarter. GAMMA Investing LLC now owns 101,566 shares of the company's stock worth $4,884,000 after acquiring an additional 99,389 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Up 0.1%

AVT stock opened at $53.51 on Wednesday. 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 capitalization of $4.47 billion, a PE ratio of 19.60, a P/E/G ratio of 0.38 and a beta of 1.06. The stock's 50 day moving average is $53.49 and its 200-day moving average is $50.70. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion during 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%.Avnet's revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $1.22 earnings per share. Sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Truist Financial increased their price target on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company cut their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Finally, Bank of America increased their price target on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Sell" and an average target price of $49.00.

Avnet 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.

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