Voya Investment Management LLC Acquires 179,197 Shares of Avnet, Inc. $AVT

Key Points

• Voya Investment Management LLC significantly increased its stake in Avnet, Inc. by 329.1% in the first quarter, now owning approximately 0.28% of the company, valued at around $11 million.
• Avnet announced a quarterly dividend increase to $0.35 per share, resulting in an annualized dividend of $1.40 and a dividend yield of 2.6%.
• Recent earnings reports showed Avnet's revenue exceeded analyst expectations, reaching $5.62 billion, along with an earnings per share of $0.81, surpassing estimates by $0.09.

Voya Investment Management LLC increased its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 329.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 233,645 shares of the company's stock after purchasing an additional 179,197 shares during the quarter. Voya Investment Management LLC owned about 0.28% of Avnet worth $11,236,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in AVT. American Century Companies Inc. grew its position in Avnet by 10.8% during the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock worth $186,631,000 after buying an additional 378,440 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in Avnet by 5.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock worth $124,131,000 after buying an additional 134,372 shares in the last quarter. Earnest Partners LLC grew its position in Avnet by 3.4% during the first quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock worth $73,100,000 after buying an additional 50,041 shares in the last quarter. AQR Capital Management LLC grew its position in Avnet by 7.9% during the first quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company's stock worth $63,043,000 after buying an additional 97,466 shares in the last quarter. Finally, Woodline Partners LP grew its position in Avnet by 44.9% during the first quarter. Woodline Partners LP now owns 1,055,356 shares of the company's stock worth $50,752,000 after buying an additional 327,195 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Trading Down 1.0%

Shares of NASDAQ AVT traded down $0.56 during midday trading on Friday, reaching $53.08. The company had a trading volume of 2,117,973 shares, compared to its average volume of 1,107,546. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. 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 firm's fifty day moving average price is $53.70 and its 200-day moving average price is $51.18. The stock has a market cap of $4.43 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 0.40 and a beta of 1.08.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the business earned $1.22 EPS. Avnet's revenue was up 1.0% compared to the same quarter last year. On average, equities research 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. Shareholders of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. This is a positive change from Avnet's previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. Avnet's dividend payout ratio (DPR) is currently 51.28%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVT. Bank of America lifted 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. Truist Financial lifted 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. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Avnet presently has a consensus rating of "Sell" and a consensus target price of $49.00.

Avnet 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.