Avnet, Inc. (NASDAQ:AVT) Stock Holdings Increased by Alps Advisors Inc.

Alps Advisors Inc. raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 364,414 shares of the company's stock after purchasing an additional 26,264 shares during the quarter. Alps Advisors Inc. owned 0.42% of Avnet worth $17,525,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. grew its position in shares of Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after acquiring an additional 72,715 shares in the last quarter. Norges Bank acquired a new position in shares of Avnet in the 4th quarter worth approximately $52,924,000. Lind Value II ApS grew its position in shares of Avnet by 15.6% in the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after acquiring an additional 135,135 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Avnet by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock worth $48,231,000 after acquiring an additional 5,209 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after acquiring an additional 180,134 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Performance

NASDAQ:AVT traded down $0.29 during midday trading on Friday, reaching $56.01. 434,988 shares of the company traded hands, compared to its average volume of 752,580. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 1.22 and a beta of 1.03. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13. The company has a fifty day moving average price of $51.92 and a 200 day moving average price of $50.51.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The business's revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.10 EPS. On average, analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.36%. The ex-dividend date was Wednesday, June 4th. Avnet's payout ratio is currently 36.97%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet 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 owned 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is owned by 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.