Assenagon Asset Management S.A. lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 14.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 49,763 shares of the company's stock after purchasing an additional 6,422 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Avnet worth $2,393,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. GeoWealth Management LLC bought a new position in Avnet in the fourth quarter worth about $31,000. Synergy Investment Management LLC bought a new position in Avnet in the fourth quarter worth about $38,000. Natixis lifted its holdings in Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after acquiring an additional 688 shares during the last quarter. Curat Global LLC bought a new position in Avnet in the first quarter worth about $42,000. Finally, Bessemer Group Inc. lifted its holdings in Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after acquiring an additional 827 shares during the last quarter. Institutional investors own 95.78% of the company's stock.
Insider Activity at Avnet
In related news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's 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 transaction, the vice president now owns 14,626 shares in the company, valued at $772,252.80. This trade represents 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 available through the SEC website. Company insiders own 1.50% of the company's stock.
Avnet Stock Performance
Shares of AVT traded down $0.20 during mid-day trading on Thursday, reaching $50.95. 552,875 shares of the company's stock traded hands, compared to its average volume of 741,642. The business's 50-day moving average price is $50.09 and its 200-day moving average price is $50.50. The stock has a market capitalization of $4.27 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 1.72 and a beta of 1.02. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24.
Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. The company had revenue of $5.32 billion for the quarter, compared to analysts' expectations 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 company posted $1.10 earnings per share. Equities analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.
Avnet Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.59%. Avnet's dividend payout ratio is presently 36.97%.
Analysts Set New Price Targets
AVT has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Truist Financial cut their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st.
View Our Latest Stock Analysis on AVT
About Avnet
(
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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