AQR Capital Management LLC Has $94.71 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

AQR Capital Management LLC lifted its position in Avnet, Inc. (NASDAQ:AVT) by 34.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,844,452 shares of the company’s stock after buying an additional 475,165 shares during the quarter. AQR Capital Management LLC owned about 2.04% of Avnet worth $94,713,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after buying an additional 519,478 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Avnet by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company’s stock worth $328,790,000 after acquiring an additional 39,558 shares during the period. Greenhaven Associates Inc. increased its holdings in shares of Avnet by 1.7% during the 2nd quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company’s stock worth $201,961,000 after acquiring an additional 63,801 shares during the last quarter. American Century Companies Inc. raised its stake in Avnet by 1.6% in the 2nd quarter. American Century Companies Inc. now owns 2,690,326 shares of the company’s stock valued at $138,525,000 after acquiring an additional 42,249 shares during the period. Finally, Earnest Partners LLC lifted its holdings in Avnet by 2.1% during the 1st quarter. Earnest Partners LLC now owns 1,442,681 shares of the company’s stock valued at $71,528,000 after purchasing an additional 29,710 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on AVT. Truist Financial upped their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Wells Fargo & Company upped their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus raised their price objective on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, Avnet currently has a consensus rating of “Hold” and a consensus price target of $48.50.

Avnet Trading Up 3.3 %

Shares of Avnet stock opened at $54.38 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The firm has a 50-day moving average of $52.74 and a 200-day moving average of $51.51. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.80. The stock has a market cap of $4.79 billion, a PE ratio of 8.80 and a beta of 1.15.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the firm posted $2.06 EPS. The business’s revenue for the quarter was down 15.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.33 dividend. The ex-dividend date was Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.43%. Avnet’s payout ratio is currently 21.36%.

Avnet 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.