Massachusetts Financial Services Co. MA Takes Position in Avnet, Inc. (NASDAQ:AVT)

Massachusetts Financial Services Co. MA bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 24,746 shares of the company's stock, valued at approximately $1,190,000.

Several other hedge funds and other institutional investors have also made changes to their positions in AVT. Norges Bank acquired a new stake in shares of Avnet in the fourth quarter valued at approximately $52,924,000. Woodline Partners LP acquired a new stake in shares of Avnet in the fourth quarter valued at approximately $38,097,000. Raymond James Financial Inc. acquired a new stake in shares of Avnet in the fourth quarter valued at approximately $32,676,000. Bank of America Corp DE increased its holdings in shares of Avnet by 149.9% in the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after purchasing an additional 421,098 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after purchasing an additional 180,134 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Buying and Selling at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction 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 directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.50% of the company's stock.

Avnet Trading Down 3.1%

AVT stock traded down $1.69 during midday trading on Thursday, hitting $53.34. 958,486 shares of the company's stock were exchanged, compared to its average volume of 670,099. The business has a 50-day simple moving average of $52.65 and a two-hundred day simple moving average of $50.68. 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 stock has a market capitalization of $4.47 billion, a PE ratio of 14.94, a P/E/G ratio of 1.20 and a beta of 1.03. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping 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 6.96% and a net margin of 1.43%. The firm's quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 earnings per share. On average, sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.47%. Avnet's payout ratio is presently 36.97%.

Analyst Upgrades and Downgrades

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

Avnet 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.