Woodline Partners LP Raises Holdings in Avnet, Inc. $AVT

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

Several other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in Avnet by 9.3% during the first quarter. Empowered Funds LLC now owns 8,142 shares of the company's stock worth $392,000 after buying an additional 696 shares during the period. United Services Automobile Association acquired a new position in Avnet during the first quarter worth approximately $267,000. Caxton Associates LLP acquired a new position in Avnet during the first quarter worth approximately $1,588,000. Goldman Sachs Group Inc. increased its position in Avnet by 16.0% during the first quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company's stock worth $11,148,000 after buying an additional 31,919 shares during the period. Finally, Petrus Trust Company LTA acquired a new position in Avnet during the first quarter worth approximately $233,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Price Performance

Shares of AVT stock traded down $0.66 during mid-day trading on Friday, reaching $53.45. The stock had a trading volume of 571,082 shares, compared to its average volume of 857,417. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a market cap of $4.46 billion, a P/E ratio of 19.58, a price-to-earnings-growth ratio of 0.40 and a beta of 1.08. The business has a 50-day simple moving average of $54.03 and a 200 day simple moving average of $51.06. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings results 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. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business had revenue of $5.62 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter last year, the business posted $1.22 earnings per share. The business's revenue for the quarter was up 1.0% on a year-over-year basis. On average, sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be paid 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 of this dividend 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 is 48.35%.

Analyst Ratings Changes

Several research analysts have commented on the company. 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 report on Monday, August 11th. Truist Financial increased their price objective on Avnet from $50.00 to $54.00 and gave the stock 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 issued a Sell rating to the company's stock. According to data from MarketBeat, Avnet currently has a consensus rating of "Sell" and a consensus price target of $49.00.

About Avnet

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.