Petrus Trust Company LTA Buys Shares of 4,848 Avnet, Inc. $AVT

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 bought a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,848 shares of the company's stock, valued at approximately $233,000.

A number of other hedge funds also recently bought and sold shares of AVT. Legacy Advisors LLC bought a new stake in Avnet in the 1st quarter worth approximately $26,000. TD Private Client Wealth LLC lifted its position in Avnet by 43.0% in the 1st 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 last quarter. Curat Global LLC bought a new stake in Avnet in the 1st quarter worth approximately $42,000. Global X Japan Co. Ltd. bought a new stake in Avnet in the first quarter valued at approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Avnet in the first quarter valued at approximately $49,000. Institutional investors own 95.78% of the company's stock.

Avnet Stock Down 1.2%

Shares of NASDAQ AVT traded down $0.66 during trading on Friday, reaching $53.45. The company had a trading volume of 571,082 shares, compared to its average volume of 1,024,982. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The stock has a market cap of $4.46 billion, a PE ratio of 19.58, a P/E/G ratio of 0.40 and a beta of 1.08. The business's 50-day moving average is $53.98 and its 200 day moving average is $51.07.

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, beating the consensus estimate of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period last year, the firm posted $1.22 earnings per share. Avnet's revenue was up 1.0% compared to the same quarter last year. As a group, equities analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's payout ratio is 48.35%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AVT. Bank of America boosted their price objective on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday, August 11th. Truist Financial boosted their price objective on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Sell" and an average target price of $49.00.

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.