Avnet, Inc. $AVT Shares Purchased by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. has increased its stake in Avnet, Inc. by 4.8%, now owning 418,835 shares valued at approximately $20.14 million.
• Recent analyst ratings show a mixed outlook for Avnet, with Wells Fargo reducing its price target while Truist Financial and Bank of America have increased their targets.
• Avnet's latest quarterly earnings exceeded expectations, reporting $0.81 EPS and revenues of $5.62 billion, marking a growth of 1.0% year-over-year.

Russell Investments Group Ltd. raised its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 4.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 418,835 shares of the company's stock after acquiring an additional 19,242 shares during the period. Russell Investments Group Ltd. owned approximately 0.50% of Avnet worth $20,140,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Woodline Partners LP acquired a new stake in shares of Avnet in the fourth quarter valued at $38,097,000. Bank of America Corp DE lifted its stake in Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after acquiring an additional 421,098 shares in the last quarter. Nuveen LLC purchased a new position in Avnet during the 1st quarter valued at about $9,703,000. Northern Trust Corp boosted its holdings in Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after acquiring an additional 180,134 shares during the period. Finally, Voloridge Investment Management LLC grew its position in Avnet by 137.0% in the 4th quarter. Voloridge Investment Management LLC now owns 270,713 shares of the company's stock valued at $14,164,000 after acquiring an additional 156,508 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Stock Down 0.4%

Avnet stock traded down $0.23 during midday trading on Wednesday, reaching $53.28. The company's stock had a trading volume of 580,948 shares, compared to its average volume of 824,727. The company has a market cap of $4.45 billion, a P/E ratio of 19.52, a P/E/G ratio of 0.38 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The business has a 50-day simple moving average of $53.49 and a 200-day simple moving average of $50.70. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week 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, beating analysts' consensus estimates of $0.72 by $0.09. The business had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 EPS. On average, research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVT has been the topic of several research reports. Bank of America increased their price target 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. Wells Fargo & Company reduced their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Finally, Truist Financial raised their price target on shares of Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Sell" and a consensus price target 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.