New England Research & Management Inc. Acquires Shares of 6,225 Avnet, Inc. (NASDAQ:AVT)

New England Research & Management Inc. bought a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,225 shares of the company's stock, valued at approximately $299,000.

A number of other hedge funds also recently made changes to their positions in the business. SummerHaven Investment Management LLC grew its stake in shares of Avnet by 1.9% in the first quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company's stock valued at $731,000 after acquiring an additional 279 shares in the last quarter. Alhambra Investment Management LLC acquired a new position in shares of Avnet in the 1st quarter valued at approximately $211,000. Assenagon Asset Management S.A. lifted its holdings in shares of Avnet by 14.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,763 shares of the company's stock worth $2,393,000 after acquiring an additional 6,422 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Avnet by 167.6% during the 1st quarter. SG Americas Securities LLC now owns 20,601 shares of the company's stock worth $991,000 after acquiring an additional 12,904 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Avnet by 10.9% during the 1st quarter. Harbor Capital Advisors Inc. now owns 237,429 shares of the company's stock worth $11,418,000 after acquiring an additional 23,422 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AVT shares. 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. Truist Financial lowered 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.

Insider Activity at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred 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 transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by company insiders.

Avnet Price Performance

Shares of NASDAQ AVT traded down $0.02 during mid-day trading on Wednesday, hitting $51.13. 194,801 shares of the stock traded hands, compared to its average volume of 739,975. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a 50 day simple moving average of $49.88 and a two-hundred day simple moving average of $50.53. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13. The company has a market cap of $4.29 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.12. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The firm's 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 earnings per share. As a group, equities research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 2.58%. Avnet's dividend payout ratio is 36.97%.

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.