201,774 Shares in Avnet, Inc. $AVT Purchased by Nuveen LLC

Key Points

• Nuveen LLC has invested approximately $9.70 million in Avnet, Inc., purchasing 201,774 shares in the first quarter, which constitutes about 0.24% of the company's total shares.
• Avnet is scheduled to pay an increased quarterly dividend of $0.35 on September 26th, up from its previous dividend of $0.33, representing an annualized yield of 2.5%.
• Despite a positive quarterly earnings report with an EPS of $0.81, analysts have mixed opinions, with a general consensus rating of "Sell" for Avnet stock.

Nuveen LLC purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 201,774 shares of the company's stock, valued at approximately $9,703,000. Nuveen LLC owned approximately 0.24% of Avnet at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of AVT. Legacy Advisors LLC purchased a new stake in shares of Avnet during the first quarter worth about $26,000. GeoWealth Management LLC purchased a new stake in shares of Avnet during the fourth quarter worth about $31,000. Natixis grew its holdings in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after buying an additional 688 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Avnet by 43.0% during 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 in the last quarter. Finally, Curat Global LLC purchased a new stake in shares of Avnet during the first quarter worth about $42,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVT shares. Truist Financial lifted their price target on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company decreased their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Finally, Bank of America raised their target price on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research report 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. According to MarketBeat, the company presently has an average rating of "Sell" and an average target price of $49.00.

Avnet Trading Down 0.3%

AVT stock traded down $0.14 during midday trading on Thursday, reaching $54.87. 157,043 shares of the company's stock traded hands, compared to its average volume of 816,264. The company has a market capitalization of $4.58 billion, a P/E ratio of 20.07, a PEG ratio of 0.41 and a beta of 1.06. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The business has a 50-day moving average price of $53.88 and a two-hundred day moving average price of $50.87.

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

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be paid 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 annualized dividend and a yield of 2.6%. Avnet's payout ratio is presently 48.35%.

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.