70,046 Shares in Avnet, Inc. (NASDAQ:AVT) Purchased by Redwood Investment Management LLC

Redwood Investment Management LLC purchased a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 70,046 shares of the company's stock, valued at approximately $3,665,000. Redwood Investment Management LLC owned about 0.08% of Avnet as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its position in shares of Avnet by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company's stock valued at $2,837,000 after purchasing an additional 7,800 shares in the last quarter. Park Avenue Securities LLC increased its stake in Avnet by 22.6% in the 4th quarter. Park Avenue Securities LLC now owns 5,966 shares of the company's stock valued at $312,000 after buying an additional 1,101 shares during the last quarter. Barclays PLC lifted its position in shares of Avnet by 87.6% during the 3rd quarter. Barclays PLC now owns 91,842 shares of the company's stock worth $4,988,000 after buying an additional 42,880 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after buying an additional 2,816,889 shares during the last quarter. Finally, Greenhaven Associates Inc. grew its holdings in shares of Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock valued at $207,336,000 after acquiring an additional 38,185 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Performance

NASDAQ:AVT opened at $51.87 on Thursday. The company has a market capitalization of $4.35 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.13 and a beta of 0.98. The business has a fifty day simple moving average of $47.96 and a two-hundred day simple moving average of $51.17. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.12. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter last year, the firm posted $1.10 EPS. The firm's revenue for the quarter was down 6.0% on a year-over-year basis. On average, analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Analysts Set New Price Targets

A number of analysts recently commented on AVT shares. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Wells Fargo & Company lowered their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Finally, Truist Financial cut their price target on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by company insiders.

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.

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