7,561 Shares in Avnet, Inc. (NASDAQ:AVT) Acquired by MQS Management LLC

MQS Management LLC acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,561 shares of the company's stock, valued at approximately $364,000.

Other hedge funds have also modified their holdings of the company. Legacy Advisors LLC purchased a new position in Avnet during the first quarter valued at approximately $26,000. GeoWealth Management LLC acquired a new stake in shares of Avnet in the 4th quarter valued at $31,000. Natixis increased its position in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after buying an additional 688 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after acquiring an additional 246 shares in the last quarter. Finally, Curat Global LLC bought a new stake in Avnet during the first quarter worth approximately $42,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Trading Down 0.8%

NASDAQ AVT traded down $0.45 during trading hours on Friday, hitting $54.75. The company's stock had a trading volume of 194,064 shares, compared to its average volume of 746,478. The stock has a fifty day moving average of $52.35 and a 200 day moving average of $50.60. The company has a quick ratio of 1.13, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.59 billion, a P/E ratio of 15.36, a PEG ratio of 1.20 and a beta of 1.03. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced its 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. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same period in the prior year, the business earned $1.10 EPS. The company's revenue for the quarter was down 6.0% compared to the same quarter last year. Equities research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Wednesday, June 4th. Avnet's dividend payout ratio is currently 36.97%.

Analyst Ratings Changes

A number of research firms have issued reports on AVT. Truist Financial decreased their price target on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company cut their target price on 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 related news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the transaction, the vice president directly owned 14,626 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.50% of the company's stock.

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.