Trexquant Investment LP Raises Stock Position in Avnet, Inc. $AVT

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 boosted its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 48.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 33,338 shares of the company's stock after buying an additional 10,932 shares during the period. Trexquant Investment LP's holdings in Avnet were worth $1,603,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Legacy Advisors LLC purchased a new stake in Avnet in the 1st quarter worth $26,000. TD Private Client Wealth LLC increased its stake in Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after buying an additional 246 shares in the last quarter. Curat Global LLC purchased a new stake in Avnet in the 1st quarter worth $42,000. Global X Japan Co. Ltd. purchased a new stake in Avnet in the 1st quarter worth $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Avnet in the 1st quarter worth $49,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Trading Up 0.4%

Shares of Avnet stock opened at $53.77 on Friday. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 0.40 and a beta of 1.08. The business has a 50-day moving average price of $54.13 and a 200-day moving average price of $51.02. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

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

Avnet Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on AVT shares. Truist Financial increased their price target on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Bank of America increased their price target on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Avnet currently has an average rating of "Sell" and an average target price 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.

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