MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Stock Holdings 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. boosted its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 11.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 105,398 shares of the company's stock after purchasing an additional 11,006 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.13% of Avnet worth $5,069,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. raised its stake in shares of Avnet by 10.8% during the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock valued at $186,631,000 after acquiring an additional 378,440 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Avnet by 5.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock valued at $124,131,000 after acquiring an additional 134,372 shares during the last quarter. Earnest Partners LLC raised its stake in shares of Avnet by 3.4% during the first quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock valued at $73,100,000 after acquiring an additional 50,041 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Avnet by 7.9% during the first quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company's stock valued at $63,043,000 after acquiring an additional 97,466 shares during the last quarter. Finally, Lind Value II ApS raised its stake in shares of 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 last quarter. 95.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVT. Truist Financial boosted their price target on shares of Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Bank of America boosted 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. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Avnet has a consensus rating of "Sell" and a consensus price target of $49.00.

Avnet Stock Down 1.1%

AVT traded down $0.60 during midday trading on Wednesday, reaching $52.58. The company's stock had a trading volume of 82,470 shares, compared to its average volume of 850,871. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 0.40 and a beta of 1.08. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The stock's 50-day moving average is $53.88 and its 200-day moving average is $51.11.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. The business had revenue of $5.62 billion for 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 business's revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 earnings per share. As a group, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, September 17th. Avnet's dividend payout ratio is currently 48.35%.

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.