Ethic Inc. grew its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 72.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,244 shares of the company's stock after acquiring an additional 8,115 shares during the quarter. Ethic Inc.'s holdings in Avnet were worth $1,007,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. GeoWealth Management LLC acquired a new stake in shares of Avnet in the 4th quarter worth $31,000. Synergy Investment Management LLC acquired a new stake in shares of Avnet during the 4th quarter worth about $38,000. Natixis increased its position in shares of Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Avnet by 621.8% during the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares during the last quarter. Finally, Principal Securities Inc. increased its position in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.
Avnet Stock Up 0.6%
Shares of AVT traded up $0.29 during midday trading on Friday, hitting $51.88. The company had a trading volume of 527,371 shares, compared to its average volume of 753,067. The company's 50-day simple moving average is $48.08 and its 200-day simple moving average is $51.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The firm has a market capitalization of $4.35 billion, a P/E ratio of 14.70, a P/E/G ratio of 1.13 and a beta of 0.98. 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 (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.12. The business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The business's quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.10 EPS. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.
Avnet Dividend Announcement
The firm 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 dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.54%. The ex-dividend date is Wednesday, June 4th. Avnet's payout ratio is 36.97%.
Insider Buying and Selling
In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president now owns 14,626 shares in the company, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial dropped their target price on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Finally, Wells Fargo & Company dropped their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st.
Check Out Our Latest Research Report on AVT
Avnet Company Profile
(
Free Report)
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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