Lazard Asset Management LLC Purchases Shares of 23,519 Avnet, Inc. (NASDAQ:AVT)

Lazard Asset Management LLC purchased a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,519 shares of the company's stock, valued at approximately $1,230,000.

Other large investors have also modified their holdings of the company. Principal Securities Inc. raised its position in 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 buying an additional 211 shares during the last quarter. World Investment Advisors raised its holdings in shares of Avnet by 3.7% during the fourth quarter. World Investment Advisors now owns 7,223 shares of the company's stock worth $378,000 after purchasing an additional 255 shares during the last quarter. Highland Capital Management LLC lifted its position in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company's stock valued at $222,000 after purchasing an additional 261 shares during the period. Quadrant Capital Group LLC boosted its holdings in Avnet by 30.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock valued at $76,000 after purchasing an additional 340 shares during the last quarter. Finally, Transcend Capital Advisors LLC boosted its holdings in Avnet by 2.3% in the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company's stock valued at $871,000 after purchasing an additional 381 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Buying and Selling

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president now directly owns 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AVT shares. Truist Financial reduced their price objective on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Bank of America cut Avnet from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Wells Fargo & Company lowered their price objective on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st.

Avnet Trading Down 1.8%

Shares of Avnet stock opened at $50.93 on Tuesday. The firm has a 50-day simple moving average of $48.16 and a two-hundred day simple moving average of $51.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a market cap of $4.27 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

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. 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%. Avnet's quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. As a group, equities analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared 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. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.59%. Avnet's dividend payout ratio is currently 36.97%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.