Kendall Capital Management Raises Holdings in Avnet, Inc. $AVT

Key Points

• Kendall Capital Management increased its holdings in Avnet, Inc. by 4.2% during Q2, owning approximately 149,475 shares valued at $7.93 million now ranking it 6th in their portfolio.
• Avnet announced a quarterly dividend increase to $0.35 per share, reflecting an annualized yield of 2.7%, with a payout ratio of 51.28%.
• Analysts generally have a Sell rating on Avnet, with an average target price of $49.00, highlighting a mixed outlook amongst financial experts.

Kendall Capital Management grew its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 4.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 149,475 shares of the company's stock after buying an additional 6,030 shares during the period. Avnet accounts for about 2.1% of Kendall Capital Management's portfolio, making the stock its 6th largest position. Kendall Capital Management owned approximately 0.18% of Avnet worth $7,934,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AVT. American Century Companies Inc. boosted its stake in Avnet by 10.8% in the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock valued at $186,631,000 after acquiring an additional 378,440 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Avnet by 5.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock worth $124,131,000 after purchasing an additional 134,372 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Avnet by 3.4% in the 1st quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock worth $73,100,000 after purchasing an additional 50,041 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Avnet by 7.9% in the 1st quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company's stock worth $63,043,000 after purchasing an additional 97,466 shares in the last quarter. Finally, Woodline Partners LP boosted its position in shares of Avnet by 44.9% in the 1st quarter. Woodline Partners LP now owns 1,055,356 shares of the company's stock worth $50,752,000 after purchasing an additional 327,195 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AVT shares. Bank of America raised 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. Truist Financial lifted their target price 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. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Avnet has an average rating of "Sell" and a consensus target price of $49.00.

Avnet Stock Performance

Shares of AVT opened at $51.94 on Friday. 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, Inc. has a one year low of $39.22 and a one year high of $59.24. The stock has a market cap of $4.33 billion, a P/E ratio of 19.03, a P/E/G ratio of 0.38 and a beta of 1.08. The stock has a 50-day moving average of $53.43 and a two-hundred day moving average of $51.29.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.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 earnings per share. The company's revenue was up 1.0% compared to the same quarter last year. As a group, research analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Wednesday, September 17th were given a dividend of $0.35 per share. This is a boost from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, September 17th. Avnet's payout ratio is presently 51.28%.

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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