Hotchkis & Wiley Capital Management LLC Acquires 463,660 Shares of Avnet, Inc. (NASDAQ:AVT)

Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 204.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 690,270 shares of the company’s stock after purchasing an additional 463,660 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.79% of Avnet worth $37,489,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its stake in shares of Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Avnet during the third quarter valued at approximately $51,000. nVerses Capital LLC purchased a new stake in Avnet in the 2nd quarter worth approximately $77,000. GAMMA Investing LLC grew its holdings in Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the period. Finally, Hexagon Capital Partners LLC lifted its stake in Avnet by 90.6% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company’s stock valued at $88,000 after acquiring an additional 814 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVT shares. Wells Fargo & Company lifted their price target on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Stifel Nicolaus boosted their target price on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Truist Financial boosted their price target on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

Avnet Trading Up 2.0 %

Shares of NASDAQ AVT opened at $55.80 on Tuesday. The firm has a market capitalization of $4.85 billion, a P/E ratio of 14.61, a P/E/G ratio of 1.02 and a beta of 1.14. Avnet, Inc. has a fifty-two week low of $43.62 and a fifty-two week high of $59.24. The company’s 50 day simple moving average is $54.34 and its 200 day simple moving average is $53.37. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. Avnet’s revenue was down 11.5% compared to the same quarter last year. During the same period last year, the business earned $1.61 earnings per share. On average, analysts predict that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 annualized dividend and a yield of 2.37%. Avnet’s payout ratio is 34.56%.

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.