Mackenzie Financial Corp Increases Holdings in Avnet, Inc. (NASDAQ:AVT)

Key Points

• Mackenzie Financial Corp increased its holdings in Avnet, Inc. by 46.5% during the first quarter, now owning approximately 99,242 shares valued at $4.77 million.
• A number of hedge funds, including Norges Bank and Bank of America Corp DE, also made significant investments in Avnet during the fourth quarter, collectively boosting institutional ownership to 95.78%.
• Avnet announced a quarterly dividend of $0.33 per share, providing a 2.5% yield based on an annualized dividend of $1.32.

Mackenzie Financial Corp boosted its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 46.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,242 shares of the company's stock after purchasing an additional 31,486 shares during the quarter. Mackenzie Financial Corp owned 0.11% of Avnet worth $4,773,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in Avnet during the 4th quarter valued at about $52,924,000. Lind Value II ApS grew its stake in shares of Avnet by 15.6% during the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after acquiring an additional 135,135 shares in the last quarter. Northern Trust Corp grew its stake in shares of Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after acquiring an additional 180,134 shares in the last quarter. Woodline Partners LP acquired a new position in Avnet during the fourth quarter worth $38,097,000. Finally, Bank of America Corp DE increased its holdings in Avnet by 149.9% during 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. Institutional investors and hedge funds own 95.78% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on AVT shares. Truist Financial reduced their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company reduced 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.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.50% of the company's stock.

Avnet Trading Down 5.0%

AVT stock traded down $2.60 during trading on Wednesday, hitting $49.29. The company had a trading volume of 1,785,611 shares, compared to its average volume of 831,472. The business has a 50-day moving average of $53.10 and a 200-day moving average of $50.74. 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 $4.13 billion, a PE ratio of 13.80, a PEG ratio of 1.15 and a beta of 1.06. The company has a current ratio of 2.44, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. Avnet had a return on equity of 6.96% and a net margin of 1.43%. Avnet's revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.22 EPS. Research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Wednesday, June 4th. Avnet's dividend payout ratio is presently 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.