Avnet, Inc. $AVT Shares Bought by Redwood Investment Management LLC

Key Points

• Redwood Investment Management LLC increased its stake in Avnet, Inc. by 48.4%, owning approximately $5 million in stock after acquiring additional shares in the first quarter.
• Avnet recently increased its quarterly dividend to $0.35 per share, representing an annual yield of 2.5% and a payout ratio of 51.28%.
• Analysts' ratings on Avnet show a consensus of "Sell" with an average price target of $49.00, despite some recent positive earnings reports exceeding expectations.

Redwood Investment Management LLC lifted its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 48.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 103,976 shares of the company's stock after acquiring an additional 33,930 shares during the period. Redwood Investment Management LLC owned 0.12% of Avnet worth $5,000,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Legacy Advisors LLC purchased a new stake in shares of Avnet in the first quarter worth about $26,000. TD Private Client Wealth LLC lifted its position 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 in the last quarter. Curat Global LLC purchased a new stake in shares of Avnet in the first quarter worth about $42,000. Global X Japan Co. Ltd. purchased a new stake in shares of Avnet in the first quarter worth about $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avnet in the first quarter worth about $49,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

Shares of NASDAQ AVT traded down $0.25 during trading on Friday, reaching $54.57. 598,450 shares of the company traded hands, compared to its average volume of 776,537. The firm's fifty day simple moving average is $54.03 and its 200 day simple moving average is $50.95. The stock has a market cap of $4.55 billion, a P/E ratio of 19.99, a PEG ratio of 0.41 and a beta of 1.06. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. 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 (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.09. The business 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%.The company's revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. As a group, research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently disclosed 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Wednesday, September 17th. This is an increase from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio (DPR) is 48.35%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AVT shares. Bank of America upped 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 increased their target price 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Sell" and a consensus target price 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.