Robeco Institutional Asset Management B.V. Acquires 29,962 Shares of Avnet, Inc. $AVT

Key Points

• Robeco Institutional Asset Management B.V. increased its stake in Avnet, Inc. by 74.8%, acquiring an additional 29,962 shares, bringing its total holdings to 70,040 shares worth approximately $3.72 million.
• Avnet's recent quarterly earnings surpassed expectations, reporting $0.81 EPS against a forecast of $0.72, alongside a revenue of $5.62 billion that exceeded the analysts' predictions of $5.36 billion.
• The company announced a quarterly dividend increase from $0.33 to $0.35 per share, resulting in an annualized dividend of $1.40 and a dividend yield of 2.7%.

Robeco Institutional Asset Management B.V. raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 74.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,040 shares of the company's stock after purchasing an additional 29,962 shares during the period. Robeco Institutional Asset Management B.V. owned 0.08% of Avnet worth $3,718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. SummerHaven Investment Management LLC increased its stake in shares of Avnet by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 15,489 shares of the company's stock valued at $822,000 after purchasing an additional 294 shares in the last quarter. Kendall Capital Management increased its stake in shares of Avnet by 4.2% during the second quarter. Kendall Capital Management now owns 149,475 shares of the company's stock valued at $7,934,000 after purchasing an additional 6,030 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Avnet by 0.8% during the second quarter. Public Employees Retirement System of Ohio now owns 26,674 shares of the company's stock valued at $1,416,000 after purchasing an additional 211 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Avnet by 32.2% during the second quarter. GAMMA Investing LLC now owns 2,792 shares of the company's stock valued at $148,000 after purchasing an additional 680 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of Avnet by 8.2% during the second quarter. Wedge Capital Management L L P NC now owns 62,551 shares of the company's stock valued at $3,320,000 after purchasing an additional 4,758 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Truist Financial raised their target price on shares of Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Bank of America increased their price target on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Avnet in a report on Saturday, September 27th. Two equities research analysts have 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 presently has a consensus rating of "Reduce" and a consensus target price of $49.00.

Avnet Trading Up 1.0%

Shares of AVT stock opened at $52.39 on Tuesday. 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. The firm's 50 day moving average is $53.16 and its 200 day moving average is $51.52. The stock has a market capitalization of $4.37 billion, a P/E ratio of 19.19, a P/E/G ratio of 0.38 and a beta of 1.06.

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

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, September 17th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. This is a boost from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio is 51.28%.

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.

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