First Eagle Investment Management LLC Raises Holdings in Avnet, Inc. (NASDAQ:AVT)

First Eagle Investment Management LLC grew its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 15.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 191,413 shares of the company's stock after acquiring an additional 25,706 shares during the quarter. First Eagle Investment Management LLC owned 0.21% of Avnet worth $9,647,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Avnet by 18.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,389 shares of the company's stock worth $983,000 after acquiring an additional 3,200 shares during the period. Advisor Partners II LLC lifted its position in Avnet by 12.2% during the third quarter. Advisor Partners II LLC now owns 4,608 shares of the company's stock worth $222,000 after purchasing an additional 502 shares during the period. Park Avenue Securities LLC acquired a new stake in Avnet during the third quarter worth about $241,000. Perigon Wealth Management LLC acquired a new stake in Avnet during the third quarter worth about $306,000. Finally, Teacher Retirement System of Texas increased its holdings in Avnet by 56.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 47,574 shares of the company's stock valued at $2,293,000 after buying an additional 17,262 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on AVT shares. Truist Financial reduced their price target on shares of Avnet from $49.00 to $48.00 and set a "hold" rating on the stock in a research report on Thursday, May 2nd. The Goldman Sachs Group decreased their price target on Avnet from $48.00 to $42.00 and set a "sell" rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, Avnet presently has an average rating of "Hold" and a consensus target price of $45.00.

Insider Buying and Selling at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 19,532 shares of the firm's stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the completion of the transaction, the chief executive officer now owns 140,792 shares in the company, valued at approximately $7,269,090.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company's stock.

Avnet Trading Up 0.5 %

Avnet stock traded up $0.26 during trading hours on Friday, hitting $53.33. The stock had a trading volume of 739,032 shares, compared to its average volume of 678,712. The business's 50 day simple moving average is $48.99 and its 200-day simple moving average is $47.82. Avnet, Inc. has a one year low of $41.52 and a one year high of $53.81. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 8.63 and a beta of 1.21. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the business earned $2.00 earnings per share. The firm's quarterly revenue was down 13.2% on a year-over-year basis. On average, equities analysts predict that Avnet, Inc. will post 5.06 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.33%. The ex-dividend date is Wednesday, June 5th. Avnet's payout ratio is presently 20.06%.

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.