Lecap Asset Management Ltd. Makes New Investment in Avnet, Inc. (NASDAQ:AVT)

Lecap Asset Management Ltd. acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 23,489 shares of the company's stock, valued at approximately $1,130,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. American Century Companies Inc. raised its holdings in shares of Avnet by 2.1% during the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after buying an additional 72,715 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Avnet by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock valued at $58,426,000 after purchasing an additional 43,547 shares during the period. Norges Bank acquired a new position in shares of Avnet during the fourth quarter worth $52,924,000. Lind Value II ApS lifted its position in shares of Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after purchasing an additional 135,135 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Avnet by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock valued at $48,231,000 after purchasing an additional 5,209 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the company'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 transaction 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 approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by company insiders.

Avnet Stock Down 0.1%

Shares of NASDAQ:AVT traded down $0.03 during midday trading on Friday, reaching $52.66. The company had a trading volume of 880,781 shares, compared to its average volume of 744,262. The stock has a market capitalization of $4.42 billion, a P/E ratio of 14.75, a PEG ratio of 1.78 and a beta of 1.02. The stock's fifty day moving average price is $50.76 and its 200-day moving average price is $50.39. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13. 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 earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The company's revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.10 EPS. Equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a $0.33 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.51%. Avnet's dividend payout ratio (DPR) is 36.97%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Truist Financial cut their price objective on shares of 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 Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st.

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.