Mackenzie Financial Corp Grows Position in Avnet, Inc. (NASDAQ:AVT)

Key Points

• Mackenzie Financial Corp increased its holdings in Avnet, Inc. by 46.5% during the first quarter, now owning approximately 99,242 shares valued at $4.77 million.
• A number of hedge funds, including Norges Bank and Bank of America Corp DE, also made significant investments in Avnet during the fourth quarter, collectively boosting institutional ownership to 95.78%.
• Avnet announced a quarterly dividend of $0.33 per share, providing a 2.5% yield based on an annualized dividend of $1.32.

Mackenzie Financial Corp grew its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 46.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 99,242 shares of the company's stock after acquiring an additional 31,486 shares during the period. Mackenzie Financial Corp owned 0.11% of Avnet worth $4,773,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in Avnet during the fourth quarter valued at $52,924,000. Lind Value II ApS boosted its position in shares of Avnet by 15.6% during the 1st 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. Northern Trust Corp boosted its position in shares of Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after purchasing an additional 180,134 shares in the last quarter. Woodline Partners LP bought a new position in shares of Avnet during the 4th quarter worth about $38,097,000. Finally, Bank of America Corp DE boosted its position in shares of Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after purchasing an additional 421,098 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Up 1.3%

AVT traded up $0.67 during midday trading on Monday, reaching $52.54. The company's stock had a trading volume of 724,523 shares, compared to its average volume of 684,471. The stock's 50-day moving average is $53.03 and its 200-day moving average is $50.74. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The company has a current ratio of 2.44, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.13 and a beta of 1.06.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Truist Financial decreased their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company decreased their price objective 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.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction on Tuesday, May 13th. The shares were 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 directly owned 14,626 shares of the company's stock, valued at $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.50% of the stock is owned by insiders.

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.