Abacus Planning Group Inc. Purchases New Shares in Avnet, Inc. (NASDAQ:AVT)

Abacus Planning Group Inc. acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,163 shares of the company's stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GeoWealth Management LLC acquired a new position in shares of Avnet during the fourth quarter worth approximately $31,000. Synergy Investment Management LLC acquired a new position in Avnet during the 4th quarter worth $38,000. Natixis boosted its position in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after buying an additional 688 shares during the last quarter. Curat Global LLC acquired a new stake in shares of Avnet in the 1st quarter valued at $42,000. Finally, Bessemer Group Inc. increased its stake in shares of Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after buying an additional 827 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Up 0.9%

NASDAQ:AVT opened at $50.99 on Monday. 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 12-month low of $39.22 and a 12-month high of $59.24. The stock's fifty day simple moving average is $48.81 and its 200-day simple moving average is $50.66. The firm has a market capitalization of $4.28 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.13 and a beta of 1.02.

Avnet (NASDAQ:AVT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.12. The firm had revenue of $5.32 billion for 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 company's revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.10 earnings per share. Equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

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

Insider Buying and Selling at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AVT shares. Truist Financial decreased their price target on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company reduced their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock 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.

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