Avnet, Inc. $AVT Shares Acquired by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC increased its holdings in Avnet, Inc. by 23.8%, owning 25,674 shares worth approximately $1,235,000.
• Avnet reported quarterly earnings of $0.81 EPS, exceeding estimates and generating revenue of $5.62 billion, a 1.0% year-over-year increase.
• Analysts have varied opinions on Avnet, with an average rating of “Sell” and a price target of $49.00, despite some recent upgrades in target prices.

Kovitz Investment Group Partners LLC increased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 23.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,674 shares of the company's stock after buying an additional 4,941 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Avnet were worth $1,235,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVT. Lind Value II ApS grew its position in Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock valued at $48,277,000 after acquiring an additional 135,135 shares during the period. Northern Trust Corp lifted its stake in shares of Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after purchasing an additional 180,134 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of Avnet during the 4th quarter worth about $38,097,000. Bank of America Corp DE grew its holdings in shares of Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after purchasing an additional 421,098 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Avnet by 4.8% during the 1st quarter. Russell Investments Group Ltd. now owns 418,835 shares of the company's stock worth $20,140,000 after purchasing an additional 19,242 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Down 1.0%

AVT traded down $0.56 during trading hours on Monday, reaching $55.10. 566,440 shares of the stock traded hands, compared to its average volume of 829,423. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 0.41 and a beta of 1.06. 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's fifty day simple moving average is $53.73 and its two-hundred day simple moving average is $50.82.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share 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 analysts' expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.22 EPS. As a group, analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be issued a $0.35 dividend. This is an increase from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's dividend payout ratio (DPR) is currently 48.35%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AVT shares. Bank of America lifted their price target 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. Wells Fargo & Company dropped their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Finally, Truist Financial lifted their target price on shares of Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Avnet presently has an average 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.