GAMMA Investing LLC Acquires 99,389 Shares of Avnet, Inc. (NASDAQ:AVT)

GAMMA Investing LLC grew its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 4,565.4% during the first quarter, according to the company in its most recent disclosure 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 period. 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.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVT. GeoWealth Management LLC bought a new stake in Avnet in the 4th quarter valued at approximately $31,000. Synergy Investment Management LLC acquired a new position in Avnet in the 4th quarter valued at $38,000. Natixis grew its holdings in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after buying an additional 688 shares in the last quarter. Bessemer Group Inc. grew its holdings in Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after buying an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Insider Buying and Selling

In other Avnet 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 sale, the vice president now owns 14,626 shares of the company's stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by insiders.

Avnet Trading Down 2.0%

Avnet stock traded down $1.04 during trading hours on Friday, hitting $50.49. The stock had a trading volume of 439,655 shares, compared to its average volume of 744,507. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 1.13 and a beta of 1.02. The business's 50 day simple moving average is $49.58 and its 200-day simple moving average is $50.60. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.12. The company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The business's quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.10 earnings per share. On average, equities analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.61%. Avnet's dividend payout ratio is currently 36.97%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVT. Truist Financial dropped 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 dropped their price objective on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st.

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.