Los Angeles Capital Management LLC Raises Position in Avnet, Inc. (NASDAQ:AVT)

Los Angeles Capital Management LLC lifted its stake in Avnet, Inc. (NASDAQ:AVT) by 6.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 500,608 shares of the company’s stock after buying an additional 31,485 shares during the period. Los Angeles Capital Management LLC owned approximately 0.55% of Avnet worth $25,231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC boosted its holdings in Avnet by 330.2% in the third quarter. CWM LLC now owns 641 shares of the company’s stock valued at $31,000 after purchasing an additional 492 shares during the last quarter. Venturi Wealth Management LLC raised its stake in Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after buying an additional 208 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Avnet during the fourth quarter valued at approximately $40,000. GAMMA Investing LLC acquired a new stake in Avnet during the fourth quarter valued at approximately $63,000. Finally, Parkside Financial Bank & Trust raised its stake in Avnet by 19.1% during the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock valued at $79,000 after buying an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of AVT traded up $0.77 during trading hours on Friday, hitting $49.41. 746,177 shares of the company were exchanged, compared to its average volume of 581,849. The company has a market capitalization of $4.46 billion, a PE ratio of 8.00, a PEG ratio of 0.65 and a beta of 1.21. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. The firm has a fifty day simple moving average of $47.92 and a 200-day simple moving average of $47.40. Avnet, Inc. has a one year low of $40.44 and a one year high of $51.65.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. Avnet’s revenue for the quarter was down 13.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.00 EPS. As a group, sell-side analysts predict that Avnet, Inc. will post 5.19 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.51%. Avnet’s dividend payout ratio (DPR) is currently 20.06%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. The Goldman Sachs Group dropped their price target on Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research report on Thursday, February 1st. Truist Financial dropped their price target on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $45.00.

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.