Avnet, Inc. $AVT Shares Acquired by Woodline Partners LP

Key Points

• Woodline Partners LP increased its stake in Avnet, Inc. by 44.9%, now holding approximately 1.26% of the company worth $50.8 million after acquiring an additional 327,195 shares.
• Avnet reported a quarterly earnings per share of $0.81, surpassing analysts' estimates, with revenue increasing to $5.62 billion, a 1.0% year-over-year rise.
• The company is set to increase its quarterly dividend from $0.33 to $0.35 per share, reflecting a dividend yield of 2.6% and a payout ratio of 48.35%.

Woodline Partners LP increased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 44.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,055,356 shares of the company's stock after acquiring an additional 327,195 shares during the period. Woodline Partners LP owned approximately 1.26% of Avnet worth $50,752,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of AVT. Bank of America Corp DE grew its holdings in shares of Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after acquiring an additional 421,098 shares during the period. American Century Companies Inc. lifted its stake in Avnet by 10.8% in the 1st quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock valued at $186,631,000 after buying an additional 378,440 shares in the last quarter. Nuveen LLC acquired a new stake in Avnet during the 1st quarter valued at $9,703,000. Gotham Asset Management LLC grew its holdings in Avnet by 96.1% during the 1st quarter. Gotham Asset Management LLC now owns 369,807 shares of the company's stock valued at $17,784,000 after buying an additional 181,246 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Avnet during the 1st quarter worth $7,886,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Bank of America increased their target price on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research report on Monday, August 11th. Truist Financial raised their price objective on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Sell" and a consensus target price of $49.00.

Avnet Stock Down 1.2%

Shares of Avnet stock traded down $0.66 during trading hours on Friday, hitting $53.45. 571,082 shares of the company's stock traded hands, compared to its average volume of 1,024,982. The stock has a 50 day simple moving average of $53.98 and a 200-day simple moving average of $51.07. 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 company has a market cap of $4.46 billion, a PE ratio of 19.58, a PEG ratio of 0.40 and a beta of 1.08. 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 announced its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The company's revenue was up 1.0% on a year-over-year basis. During the same period last year, the firm earned $1.22 earnings per share. Equities research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently declared 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. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. This is a positive change from Avnet's previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, September 17th. Avnet's payout ratio is 51.28%.

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.