Guggenheim Capital LLC Has $1.57 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

Guggenheim Capital LLC increased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 35.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,642 shares of the company’s stock after purchasing an additional 9,021 shares during the period. Guggenheim Capital LLC’s holdings in Avnet were worth $1,566,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Avnet by 267.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 54,509 shares of the company’s stock worth $2,464,000 after purchasing an additional 39,667 shares during the period. SummerHaven Investment Management LLC raised its stake in Avnet by 2.1% during the 1st quarter. SummerHaven Investment Management LLC now owns 18,184 shares of the company’s stock worth $822,000 after buying an additional 379 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Avnet by 8.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,934,049 shares of the company’s stock worth $246,737,000 after acquiring an additional 458,855 shares in the last quarter. Principal Financial Group Inc. grew its stake in Avnet by 0.8% in the first quarter. Principal Financial Group Inc. now owns 361,617 shares of the company’s stock valued at $16,345,000 after acquiring an additional 2,701 shares during the period. Finally, MQS Management LLC increased its holdings in shares of Avnet by 107.7% in the fourth quarter. MQS Management LLC now owns 21,206 shares of the company’s stock worth $882,000 after acquiring an additional 10,994 shares in the last quarter. Institutional investors own 95.34% of the company’s stock.

Avnet Stock Performance

Shares of AVT opened at $50.75 on Friday. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of 6.14, a PEG ratio of 0.61 and a beta of 1.37. Avnet, Inc. has a 12 month low of $35.45 and a 12 month high of $51.27. The firm has a fifty day simple moving average of $48.33 and a 200 day simple moving average of $45.16. The company has a current ratio of 2.53, a quick ratio of 1.24 and a debt-to-equity ratio of 0.63.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, August 16th. The company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.41. The company had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.27 billion. Avnet had a net margin of 2.90% and a return on equity of 16.88%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.07 EPS. Research analysts forecast that Avnet, Inc. will post 5.62 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 27th. Stockholders of record on Wednesday, September 13th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, September 12th. This is an increase from Avnet’s previous quarterly dividend of $0.29. Avnet’s dividend payout ratio (DPR) is 14.03%.

Wall Street Analysts Forecast Growth

AVT has been the subject of several research analyst reports. StockNews.com initiated coverage on Avnet in a research report on Wednesday, August 23rd. They issued a “hold” rating for the company. Wells Fargo & Company increased their price objective on shares of Avnet from $37.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. Stifel Nicolaus boosted their price objective on shares of Avnet from $45.00 to $50.00 and gave the company a “hold” rating in a research report on Thursday, August 17th. Finally, Truist Financial increased their target price on Avnet from $49.00 to $50.00 and gave the stock a “hold” rating in a report on Thursday, August 17th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $47.40.

Avnet Profile

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.