Caisse DE Depot ET Placement DU Quebec Purchases Shares of 163,974 Avnet, Inc. $AVT

Caisse DE Depot ET Placement DU Quebec purchased a new stake in Avnet, Inc. (NASDAQ:AVT) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 163,974 shares of the company’s stock, valued at approximately $7,886,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. Woodline Partners LP purchased a new stake in Avnet in the fourth quarter valued at about $38,097,000. Bank of America Corp DE raised its stake in Avnet by 149.9% in the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company’s stock valued at $36,726,000 after buying an additional 421,098 shares during the last quarter. American Century Companies Inc. raised its stake in Avnet by 10.8% in the first 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 during the last quarter. Nuveen LLC purchased a new stake in Avnet in the first quarter valued at about $9,703,000. Finally, Northern Trust Corp increased its holdings in shares of Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company’s stock valued at $46,875,000 after purchasing an additional 180,134 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. 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. Wells Fargo & Company cut their price objective on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Thursday, May 1st. Finally, Bank of America increased their price objective on Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, August 11th. One investment 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 an average target price of $49.00.

Avnet Stock Up 0.4%

Avnet stock opened at $55.01 on Thursday. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 0.41 and a beta of 1.06. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The business’s 50-day moving average price is $53.88 and its 200 day moving average price is $50.87. 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 (NASDAQ:AVT) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.72 by $0.09. The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.Avnet’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $1.22 earnings per share. As a group, sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.5%. 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. Avnet’s dividend payout ratio is 48.35%.

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.