6,163 Shares in Avnet, Inc. (NASDAQ:AVT) Bought by Abacus Planning Group Inc.

Abacus Planning Group Inc. acquired a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 6,163 shares of the company's stock, valued at approximately $296,000.

Several other large investors have also recently added to or reduced their stakes in AVT. Wedge Capital Management L L P NC bought a new stake in shares of Avnet in the first quarter valued at about $2,779,000. Curat Global LLC acquired a new stake in Avnet in the 1st quarter worth about $42,000. Lind Value II ApS boosted its holdings in Avnet by 15.6% in the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock valued at $48,277,000 after purchasing an additional 135,135 shares during the period. Parallel Advisors LLC grew its position in shares of Avnet by 54.8% during the 1st quarter. Parallel Advisors LLC now owns 6,245 shares of the company's stock worth $300,000 after purchasing an additional 2,210 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Avnet by 4,565.4% during the first quarter. GAMMA Investing LLC now owns 101,566 shares of the company's stock worth $4,884,000 after purchasing an additional 99,389 shares during the period. Institutional investors own 95.78% of the company's stock.

Insider Transactions at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the sale, the vice president now directly owns 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by insiders.

Avnet Price Performance

AVT stock traded down $0.08 during mid-day trading on Thursday, hitting $51.53. The stock had a trading volume of 466,769 shares, compared to its average volume of 742,870. The firm has a fifty day simple moving average of $49.22 and a 200 day simple moving average of $50.66. The firm has a market capitalization of $4.32 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.13 and a beta of 1.02. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24.

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

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.56%. Avnet's payout ratio is 36.97%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AVT shares. Wells Fargo & Company dropped their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Truist Financial dropped their price objective on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st.

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.