LSV Asset Management Sells 25,900 Shares of Avnet, Inc. (NASDAQ:AVT)

Key Points

• LSV Asset Management reduced its stake in Avnet, Inc. by 1.0%, owning approximately 3.01% of the company worth $125.12 million after selling 25,900 shares in the first quarter.
• Analysts have reduced their price targets for Avnet, with Wells Fargo lowering its target from $45.00 to $43.00 and Truist Financial cutting its objective from $52.00 to $50.00, both issuing a "hold" or "underweight" rating.
• Avnet recently announced a quarterly dividend of $0.33 per share, reflecting an annualized dividend of $1.32 and a yield of 2.5%, with a payout ratio of 36.97%.

LSV Asset Management cut its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,601,732 shares of the company's stock after selling 25,900 shares during the period. LSV Asset Management owned about 3.01% of Avnet worth $125,117,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Legacy Advisors LLC bought a new stake in Avnet in the 1st quarter valued at about $26,000. GeoWealth Management LLC purchased a new position in Avnet during the 4th quarter valued at about $31,000. Natixis grew its holdings in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after buying an additional 688 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after buying an additional 246 shares in the last quarter. Finally, Curat Global LLC purchased a new position in Avnet during the 1st quarter valued at about $42,000. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on AVT shares. Truist Financial lifted their target price on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a report on Thursday. Wells Fargo & Company reduced their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st.

Insider Activity at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president owned 14,626 shares of the company's stock, valued at $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is owned by company insiders.

Avnet Trading Up 2.1%

Shares of Avnet stock traded up $1.04 during midday trading on Thursday, reaching $50.50. 99,278 shares of the company's stock traded hands, compared to its average volume of 832,835. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. The company has a market cap of $4.24 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06. The stock has a 50 day moving average of $53.09 and a 200-day moving average of $50.73. Avnet, Inc. has a 12 month low of $39.22 and a 12 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 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a return on equity of 6.96% and a net margin of 1.43%. 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 firm earned $1.22 earnings per share. As a group, equities analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.6%. Avnet's dividend payout ratio (DPR) is 36.97%.

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.