Avnet, Inc. $AVT Shares Bought by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC increased its stake in Avnet, owning 62,551 shares worth approximately $3.32 million as of the end of the 2nd quarter, a rise of 8.2% during that period.
• Avnet reported $0.81 earnings per share for the last quarter, surpassing analysts' expectations of $0.72, with total revenue of $5.62 billion, up 1% year-over-year.
• The company announced a quarterly dividend payout of $0.35 per share, which represents an annualized yield of 2.6%, indicating an increase from the previous dividend of $0.33.

Wedge Capital Management L L P NC boosted its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 8.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,551 shares of the company's stock after acquiring an additional 4,758 shares during the quarter. Wedge Capital Management L L P NC owned 0.07% of Avnet worth $3,320,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Legacy Advisors LLC acquired a new position in shares of Avnet in the 1st quarter valued at $26,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Avnet by 109.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company's stock worth $28,000 after purchasing an additional 276 shares during the period. TD Private Client Wealth LLC raised its stake in shares of Avnet by 43.0% in the 1st 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 in the last quarter. Curat Global LLC acquired a new position in Avnet during the 1st quarter worth $42,000. Finally, Global X Japan Co. Ltd. purchased a new position in Avnet during the 1st quarter valued at about $46,000. Institutional investors own 95.78% of the company's stock.

Avnet Stock Performance

Shares of AVT traded up $0.34 during mid-day trading on Monday, reaching $53.42. 450,646 shares of the company's stock traded hands, compared to its average volume of 1,167,803. The business's 50-day moving average price is $53.65 and its 200-day moving average price is $51.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The stock has a market capitalization of $4.46 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 0.39 and a beta of 1.08. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last released 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. 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 analyst estimates of $5.36 billion. During the same period in the prior year, the company earned $1.22 EPS. Avnet's revenue for the quarter was up 1.0% on a year-over-year basis. Equities analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. This is an increase from Avnet's previous quarterly dividend of $0.33. Avnet's payout ratio is currently 51.28%.

Analyst Upgrades and Downgrades

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