MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Stock Position in Avnet, Inc. $AVT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Avnet, Inc. by 11.7%, acquiring an additional 11,006 shares, bringing their total to 105,398 shares valued at approximately $5.07 million.
• Avnet recently reported $0.81 earnings per share for the last quarter, exceeding analyst estimates of $0.72, with a revenue of $5.62 billion compared to expectations of $5.36 billion.
• The company announced a quarterly dividend increase from $0.33 to $0.35 per share, representing a yield of 2.6%, with the dividend to be paid on September 26th.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 11.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,398 shares of the company's stock after buying an additional 11,006 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.13% of Avnet worth $5,069,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. American Century Companies Inc. raised 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 worth $186,631,000 after buying an additional 378,440 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in Avnet by 5.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock worth $124,131,000 after buying an additional 134,372 shares in the last quarter. Earnest Partners LLC raised its stake in Avnet by 3.4% in the first quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock worth $73,100,000 after buying an additional 50,041 shares in the last quarter. AQR Capital Management LLC raised its stake in Avnet by 7.9% in the first quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company's stock worth $63,043,000 after buying an additional 97,466 shares in the last quarter. Finally, Lind Value II ApS raised its stake in Avnet by 15.6% in the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after buying an additional 135,135 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Down 0.2%

Shares of NASDAQ:AVT traded down $0.10 during trading on Monday, reaching $53.35. 640,013 shares of the stock traded hands, compared to its average volume of 856,174. The stock has a 50-day moving average of $53.98 and a two-hundred day moving average of $51.07. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The stock has a market cap of $4.45 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 0.40 and a beta of 1.08.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. The business's revenue for the quarter was up 1.0% on a year-over-year basis. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 17th. This is a positive change from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. Avnet's dividend payout ratio is currently 48.35%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on AVT shares. Truist Financial increased their price target 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. Bank of America raised their target price on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Avnet currently has a consensus rating of "Sell" and a consensus price target of $49.00.

About Avnet

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.