Northern Trust Corp Boosts Stake in Avnet, Inc. $AVT

Key Points

• Northern Trust Corp increased its holdings in Avnet, Inc. by 5.4% during Q1, now owning 944,148 shares valued at approximately $45.4 million.
• In recent analyst forecasts, Avnet's stock target prices have seen slight variations, with Truist Financial raising their target from $50 to $54, while Wells Fargo lowered it from $45 to $43.
• Avnet announced a quarterly dividend increase to $0.35 per share, up from $0.33, reflecting a 2.5% dividend yield with a current payout ratio of 48.35%.

Northern Trust Corp lifted its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 944,148 shares of the company's stock after buying an additional 48,221 shares during the quarter. Northern Trust Corp owned approximately 1.13% of Avnet worth $45,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Advisors LLC purchased a new stake in shares of Avnet in the first quarter worth approximately $26,000. TD Private Client Wealth LLC raised its holdings in shares of Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after buying an additional 246 shares during the period. Curat Global LLC purchased a new stake in shares of Avnet in the first quarter worth approximately $42,000. Global X Japan Co. Ltd. purchased a new stake in shares of Avnet in the first quarter worth approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avnet in the first quarter worth approximately $49,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Trading Down 4.6%

NASDAQ:AVT traded down $2.52 during midday trading on Tuesday, hitting $52.05. The stock had a trading volume of 1,871,777 shares, compared to its average volume of 724,873. The stock has a 50-day moving average of $54.08 and a 200 day moving average of $50.98. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 0.41 and a beta of 1.08. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results 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 company had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.Avnet's revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 earnings per share. As a group, sell-side analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Increases Dividend

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

Wall Street Analyst Weigh In

AVT has been the topic of several research analyst reports. Truist Financial increased their price objective on 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 increased their price objective on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average 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.