Russell Investments Group Ltd. Has $20.14 Million Stock Position in Avnet, Inc. $AVT

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. boosted its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 4.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 418,835 shares of the company's stock after buying an additional 19,242 shares during the quarter. Russell Investments Group Ltd. owned about 0.50% of Avnet worth $20,140,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Legacy Advisors LLC acquired a new position in Avnet during the first quarter worth $26,000. GeoWealth Management LLC acquired a new stake in shares of Avnet in the fourth quarter valued at about $31,000. Natixis grew its position in shares of Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the last quarter. TD Private Client Wealth LLC grew 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 valued at $39,000 after purchasing an additional 246 shares during the last quarter. Finally, Curat Global LLC acquired a new stake in shares of Avnet in the first quarter valued at about $42,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

AVT stock traded up $2.8930 during trading on Friday, reaching $55.7130. 169,213 shares of the stock were exchanged, compared to its average volume of 817,933. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The company has a market capitalization of $4.65 billion, a P/E ratio of 20.38, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06. The stock has a 50 day simple moving average of $53.55 and a 200-day simple moving average of $50.74. 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 earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the business earned $1.22 earnings per share. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The company also recently announced 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 is an increase from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.5%. Avnet's dividend payout ratio (DPR) is 48.35%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AVT shares. Truist Financial raised their price target on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Bank of America raised their price target on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday, August 11th. Finally, Wells Fargo & Company cut their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Sell" and an average 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.