Kovitz Investment Group Partners LLC Raises Stock Holdings in Avnet, Inc. $AVT

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 boosted its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 23.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 (SEC).

A number of other large investors have also bought and sold shares of AVT. Woodline Partners LP purchased a new stake in Avnet in the fourth quarter worth $38,097,000. Bank of America Corp DE increased its position in Avnet by 149.9% in the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after buying an additional 421,098 shares during the last quarter. Nuveen LLC purchased a new stake in Avnet in the first quarter worth $9,703,000. Northern Trust Corp increased its position in Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after buying an additional 180,134 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its position in Avnet by 137.0% in the fourth quarter. Voloridge Investment Management LLC now owns 270,713 shares of the company's stock worth $14,164,000 after buying an additional 156,508 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

NASDAQ:AVT opened at $53.51 on Wednesday. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 19.60, a P/E/G ratio of 0.38 and a beta of 1.06. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The stock has a fifty day moving average of $53.49 and a 200 day moving average of $50.70. 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 posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share (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 company had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same quarter last year, the company earned $1.22 earnings per share. The firm's quarterly revenue was up 1.0% on a year-over-year basis. On average, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Analyst Ratings Changes

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

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