Edgestream Partners L.P. Makes New Investment in Avnet, Inc. $AVT

Edgestream Partners L.P. bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 38,943 shares of the company's stock, valued at approximately $2,400,000.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC lifted its holdings in shares of Avnet by 1.9% during the first quarter. Empowered Funds LLC now owns 6,833 shares of the company's stock worth $421,000 after purchasing an additional 129 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Avnet by 0.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company's stock valued at $1,264,000 after buying an additional 159 shares during the period. Nations Financial Group Inc. IA ADV raised its position in Avnet by 1.6% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 10,896 shares of the company's stock worth $671,000 after buying an additional 176 shares during the last quarter. Quadrant Capital Group LLC raised its position in Avnet by 2.1% during the 4th quarter. Quadrant Capital Group LLC now owns 8,778 shares of the company's stock worth $422,000 after buying an additional 184 shares during the last quarter. Finally, Summit Securities Group LLC lifted its stake in shares of Avnet by 32.1% in the 1st quarter. Summit Securities Group LLC now owns 765 shares of the company's stock worth $47,000 after acquiring an additional 186 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Performance

Shares of AVT opened at $88.84 on Monday. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 0.50. The firm's 50-day moving average is $87.60 and its two-hundred day moving average is $74.13. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $95.26. The firm has a market capitalization of $7.29 billion, a P/E ratio of 34.57, a PEG ratio of 0.28 and a beta of 1.09.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. Avnet's payout ratio is 54.47%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVT. Bank of America upgraded shares of Avnet from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $66.00 to $96.00 in a research note on Wednesday, May 13th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. Truist Financial raised their price target on Avnet to $95.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Wells Fargo & Company lifted their price target on Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a research note on Monday, July 20th. Finally, Zacks Research lowered Avnet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $89.50.

Insider Activity at Avnet

In related news, CEO Philip R. Gallagher sold 23,920 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the sale, the chief executive officer owned 145,003 shares in the company, valued at $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by company insiders.

Avnet Profile

Avnet, Inc NASDAQ: AVT is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet's offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.

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