Avnet, Inc. (NASDAQ:AVT) is Bayforest Capital Ltd's 8th Largest Position

Bayforest Capital Ltd lifted its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 294.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,247 shares of the company's stock after purchasing an additional 20,340 shares during the period. Avnet accounts for 0.6% of Bayforest Capital Ltd's portfolio, making the stock its 8th largest position. Bayforest Capital Ltd's holdings in Avnet were worth $1,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of AVT. Legacy Advisors LLC acquired a new position in Avnet during the first quarter valued at approximately $26,000. GeoWealth Management LLC acquired a new position in Avnet during the fourth quarter valued at approximately $31,000. Natixis grew its holdings in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the period. TD Private Client Wealth LLC grew its holdings in Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after purchasing an additional 246 shares during the period. Finally, Curat Global LLC acquired a new position in Avnet during the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on AVT. Truist Financial cut their price objective 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 dropped 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.

Avnet Stock Down 2.0%

NASDAQ:AVT traded down $1.07 during trading hours on Friday, reaching $51.87. 907,219 shares of the stock were exchanged, compared to its average volume of 639,110. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. 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 firm has a 50 day moving average of $53.03 and a 200 day moving average of $50.77. The stock has a market cap of $4.35 billion, a PE ratio of 14.53, a PEG ratio of 1.15 and a beta of 1.06.

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, topping analysts' consensus estimates of $0.72 by $0.12. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the firm posted $1.10 EPS. The business's revenue was down 6.0% on a year-over-year basis. On average, equities analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred 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 completion of the sale, the vice president directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.

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.