4,848 Shares in Avnet, Inc. $AVT Purchased by Petrus Trust Company LTA

Key Points

• Petrus Trust Company LTA has acquired a new position in Avnet, Inc., purchasing 4,848 shares valued at approximately $233,000.
• Avnet recently declared an increased quarterly dividend of $0.35 per share, up from $0.33, representing an annualized yield of 2.6%.
• Analysts have mixed sentiments on Avnet, with a consensus rating of "Sell" and a target price of $49.00, while Bank of America and Truist Financial have set new price targets of $50.00 and $54.00, respectively.

Petrus Trust Company LTA acquired a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,848 shares of the company's stock, valued at approximately $233,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Avnet in the 1st quarter valued at about $49,000. Deutsche Bank AG lifted its holdings in Avnet by 9.8% in the 4th quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock valued at $1,561,000 after purchasing an additional 2,655 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Avnet by 245.8% during the 4th quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock worth $2,373,000 after acquiring an additional 32,235 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Avnet by 4,565.4% during the 1st quarter. GAMMA Investing LLC now owns 101,566 shares of the company's stock worth $4,884,000 after acquiring an additional 99,389 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Avnet by 14.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,763 shares of the company's stock worth $2,393,000 after acquiring an additional 6,422 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVT has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Truist Financial increased their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Avnet currently has a consensus rating of "Sell" and a consensus price target of $49.00.

Avnet Stock Performance

Avnet stock traded up $0.44 during mid-day trading on Monday, reaching $53.89. The company's stock had a trading volume of 237,633 shares, compared to its average volume of 853,774. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 0.40 and a beta of 1.08. The business has a 50 day moving average price of $53.98 and a 200-day moving average price of $51.07. 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 twelve month low of $39.22 and a twelve month high of $59.24.

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

Avnet Increases Dividend

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

Avnet Company 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.