D. E. Shaw & Co. Inc. Buys 61,004 Shares of Avnet, Inc. (NASDAQ:AVT)

D. E. Shaw & Co. Inc. increased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 142.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,791 shares of the company's stock after buying an additional 61,004 shares during the period. D. E. Shaw & Co. Inc. owned about 0.12% of Avnet worth $5,430,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

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

Avnet Stock Performance

Avnet stock traded down $0.02 during mid-day trading on Tuesday, hitting $50.91. 503,763 shares of the company's stock traded hands, compared to its average volume of 751,185. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The firm has a 50 day moving average price of $48.16 and a 200 day moving average price of $51.04. The company has a market cap of $4.27 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

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

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a $0.33 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.59%. Avnet's payout ratio is presently 36.97%.

Wall Street Analyst Weigh In

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

About Avnet

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.