Bayforest Capital Ltd Cuts Stock Position in Avnet, Inc. $AVT

Bayforest Capital Ltd trimmed its holdings in Avnet, Inc. (NASDAQ:AVT) by 13.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,517 shares of the company’s stock after selling 3,730 shares during the quarter. Avnet comprises approximately 0.5% of Bayforest Capital Ltd’s portfolio, making the stock its 11th biggest position. Bayforest Capital Ltd’s holdings in Avnet were worth $1,248,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of AVT. Pzena Investment Management LLC lifted its holdings in Avnet by 2.9% in the second quarter. Pzena Investment Management LLC now owns 7,341,299 shares of the company’s stock valued at $389,676,000 after acquiring an additional 209,003 shares during the period. American Century Companies Inc. boosted its position in Avnet by 10.8% during the 1st quarter. American Century Companies Inc. now owns 3,880,865 shares of the company’s stock worth $186,631,000 after acquiring an additional 378,440 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Avnet by 5.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company’s stock valued at $124,131,000 after buying an additional 134,372 shares during the period. Earnest Partners LLC raised 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 valued at $73,100,000 after buying an additional 50,041 shares during the period. Finally, AQR Capital Management LLC increased its position in Avnet by 7.9% in the 1st quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company’s stock worth $63,043,000 after purchasing an additional 97,466 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $50.69 on Tuesday. The firm has a fifty day simple moving average of $52.89 and a two-hundred day simple moving average of $51.61. The stock has a market capitalization of $4.22 billion, a P/E ratio of 18.57, a PEG ratio of 0.37 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. The business had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 EPS. On average, analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Wednesday, September 17th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.8%. This is a boost from Avnet’s previous quarterly dividend of $0.33. The ex-dividend date was Wednesday, September 17th. Avnet’s dividend payout ratio (DPR) is 51.28%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports 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 report on Monday, August 11th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Avnet in a research note on Wednesday, October 8th. Finally, Truist Financial increased their price objective on Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target 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.