Voya Investment Management LLC Grows Stock Holdings in Avnet, Inc. $AVT

Voya Investment Management LLC boosted its position in Avnet, Inc. (NASDAQ:AVT) by 329.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 233,645 shares of the company’s stock after acquiring an additional 179,197 shares during the period. Voya Investment Management LLC owned about 0.28% of Avnet worth $11,236,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Inspire Investing LLC purchased a new stake in Avnet in the 1st quarter worth approximately $775,000. Strs Ohio acquired a new position in shares of Avnet in the 1st quarter valued at $2,348,000. Jane Street Group LLC boosted its holdings in shares of Avnet by 254.7% in the 1st quarter. Jane Street Group LLC now owns 160,841 shares of the company’s stock valued at $7,735,000 after purchasing an additional 115,490 shares during the last quarter. Bayforest Capital Ltd boosted its holdings in shares of Avnet by 294.5% in the 1st quarter. Bayforest Capital Ltd now owns 27,247 shares of the company’s stock valued at $1,310,000 after purchasing an additional 20,340 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Avnet by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock valued at $17,012,000 after purchasing an additional 16,443 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Performance

NASDAQ:AVT opened at $53.52 on Wednesday. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 0.40 and a beta of 1.08. The firm’s fifty day simple moving average is $53.88 and its 200 day simple moving average is $51.11. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share 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 analyst estimates of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.22 EPS. As a group, equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm 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 dividend yield of 2.6%. The ex-dividend date is Wednesday, September 17th. This is a positive change from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio (DPR) is presently 48.35%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AVT shares. Bank of America lifted their price target on shares of Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, August 11th. Truist Financial lifted their price target on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Sell” and a consensus price target of $49.00.

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.