Avnet, Inc. (NASDAQ:AVT) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC raised its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 4,565.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,566 shares of the company's stock after buying an additional 99,389 shares during the quarter. GAMMA Investing LLC owned approximately 0.12% of Avnet worth $4,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its holdings in shares of Avnet by 9.8% during the fourth quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock worth $1,561,000 after buying an additional 2,655 shares during the last quarter. Barclays PLC lifted its position in Avnet by 2.4% during the 4th quarter. Barclays PLC now owns 94,036 shares of the company's stock worth $4,920,000 after acquiring an additional 2,194 shares during the period. Jane Street Group LLC grew its stake in shares of Avnet by 245.8% in the 4th quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock valued at $2,373,000 after purchasing an additional 32,235 shares during the last quarter. William Blair Investment Management LLC increased its holdings in shares of Avnet by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 733,566 shares of the company's stock valued at $38,380,000 after purchasing an additional 17,685 shares during the period. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Avnet in the fourth quarter valued at approximately $311,000. Hedge funds and other 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 stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at $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 available at this hyperlink. Company insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVT. Truist Financial decreased their price target on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company reduced their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st.

Avnet Stock Performance

NASDAQ AVT traded down $0.09 on Thursday, hitting $51.52. 63,383 shares of the company's stock were exchanged, compared to its average volume of 741,298. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 1.13 and a beta of 1.02. The firm's 50-day moving average price is $49.22 and its two-hundred day moving average price is $50.66. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. Avnet's quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.10 earnings per share. On average, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is 36.97%.

Avnet Company 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.