Strs Ohio Purchases Shares of 48,833 Avnet, Inc. $AVT

Key Points

• Strs Ohio has acquired a new position in Avnet, Inc. valued at approximately $2.35 million by buying 48,833 shares, representing 0.06% of the company.
• Avnet recently announced an increase in its quarterly dividend from $0.33 to $0.35 per share, which provides an annualized yield of 2.6% and reflects a 48.35% dividend payout ratio.
• Despite reporting strong quarterly earnings that surpassed analyst expectations, Avnet is rated as a "Sell" by analysts, with a consensus price target of $49.00.

Strs Ohio bought a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 48,833 shares of the company's stock, valued at approximately $2,348,000. Strs Ohio owned 0.06% of Avnet as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Jane Street Group LLC lifted its stake in shares of Avnet by 254.7% in the first quarter. Jane Street Group LLC now owns 160,841 shares of the company's stock valued at $7,735,000 after purchasing an additional 115,490 shares during the period. Bayforest Capital Ltd lifted its stake in shares of Avnet by 294.5% in the first quarter. Bayforest Capital Ltd now owns 27,247 shares of the company's stock valued at $1,310,000 after purchasing an additional 20,340 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Avnet by 4.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company's stock valued at $17,012,000 after purchasing an additional 16,443 shares during the period. Woodline Partners LP lifted its stake in shares of Avnet by 44.9% in the first quarter. Woodline Partners LP now owns 1,055,356 shares of the company's stock valued at $50,752,000 after purchasing an additional 327,195 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Avnet by 9.3% in the first quarter. Empowered Funds LLC now owns 8,142 shares of the company's stock valued at $392,000 after purchasing an additional 696 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Trading Down 1.0%

Shares of NASDAQ AVT traded down $0.56 during midday trading on Friday, reaching $53.08. 2,117,973 shares of the stock were exchanged, compared to its average volume of 1,107,546. The company has a market capitalization of $4.43 billion, a P/E ratio of 19.44, a P/E/G ratio of 0.40 and a beta of 1.08. Avnet, Inc. has a 52-week low of $39.22 and a 52-week 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 stock has a 50 day moving average price of $53.70 and a 200-day moving average price of $51.18.

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

Avnet Increases Dividend

The business 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 $0.35 dividend. This is a boost from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's dividend payout ratio is 51.28%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America raised their price objective on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research note on Monday, August 11th. Truist Financial raised their price objective 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. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Sell" and an average price target of $49.00.

Avnet Company 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.