Assenagon Asset Management S.A. Increases Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Assenagon Asset Management S.A. lifted its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 14.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. grew its position in Avnet by 2.1% during the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after purchasing an additional 72,715 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Avnet by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock worth $58,426,000 after buying an additional 43,547 shares during the period. Norges Bank purchased a new position in shares of Avnet during the fourth quarter worth about $52,924,000. Lind Value II ApS grew its holdings in shares of Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after buying an additional 135,135 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Avnet by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock valued at $48,231,000 after acquiring an additional 5,209 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 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 completion of the sale, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. 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.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of recent research reports. Truist Financial decreased 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 decreased their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st.

Avnet Stock Performance

Shares of Avnet stock traded up $0.12 on Friday, reaching $51.07. 295,355 shares of the stock were exchanged, compared to its average volume of 740,119. The firm has a market capitalization of $4.28 billion, a PE ratio of 14.27, a PEG ratio of 1.72 and a beta of 1.02. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The business has a fifty day moving average price of $50.09 and a two-hundred day moving average price of $50.50. The company has a current ratio of 2.44, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last released its 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. 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 firm's quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.10 EPS. As a group, research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share 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 issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is currently 36.97%.

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.