Avnet, Inc. $AVT Shares Acquired by Trexquant Investment LP

Key Points

• Trexquant Investment LP raised its stock position in Avnet, Inc. by 48.8% in the first quarter, increasing its holdings to 33,338 shares, valued at approximately $1.6 million.
• Avnet recently declared a $0.35 quarterly dividend, up from $0.33, which represents an annualized yield of 2.6%.
• The company's latest earnings report revealed $0.81 earnings per share, exceeding consensus estimates, with total revenue of $5.62 billion for the quarter.

Trexquant Investment LP grew its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,338 shares of the company's stock after purchasing an additional 10,932 shares during the period. Trexquant Investment LP's holdings in Avnet were worth $1,603,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. American Century Companies Inc. boosted its position in Avnet by 10.8% in the 1st quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock worth $186,631,000 after purchasing an additional 378,440 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in Avnet by 5.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock worth $124,131,000 after purchasing an additional 134,372 shares in the last quarter. Earnest Partners LLC boosted its position in Avnet by 3.4% in the 1st quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock worth $73,100,000 after purchasing an additional 50,041 shares in the last quarter. Lind Value II ApS boosted its position in Avnet by 15.6% in the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after purchasing an additional 135,135 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Avnet by 5.4% in the 1st quarter. Northern Trust Corp now owns 944,148 shares of the company's stock worth $45,404,000 after purchasing an additional 48,221 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Price Performance

NASDAQ AVT traded up $0.17 during mid-day trading on Thursday, hitting $54.11. The stock had a trading volume of 942,845 shares, compared to its average volume of 998,474. The firm's 50 day moving average is $54.03 and its 200 day moving average is $51.06. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 0.40 and a beta of 1.08.

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

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.40 annualized dividend and a yield of 2.6%. This is an increase from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio is currently 48.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVT. Bank of America increased their target price 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 investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Avnet currently has an average 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.