New England Research & Management Inc. Invests $299,000 in Avnet, Inc. (NASDAQ:AVT)

New England Research & Management Inc. purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,225 shares of the company's stock, valued at approximately $299,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVT. Empowered Funds LLC bought a new stake in shares of Avnet during the fourth quarter worth about $390,000. Principal Securities Inc. lifted its stake in shares of Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after acquiring an additional 211 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in shares of Avnet by 11.4% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 40,168 shares of the company's stock worth $2,102,000 after acquiring an additional 4,116 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of Avnet by 377.4% in the fourth quarter. Venturi Wealth Management LLC now owns 6,421 shares of the company's stock worth $336,000 after acquiring an additional 5,076 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in shares of Avnet by 2.3% in the fourth quarter. Allianz Asset Management GmbH now owns 873,340 shares of the company's stock worth $45,693,000 after acquiring an additional 19,331 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Price Performance

Shares of AVT opened at $50.49 on Friday. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The business's 50 day moving average price is $49.58 and its two-hundred day moving average price is $50.58. The firm has a market cap of $4.23 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 1.13 and a beta of 1.02.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results 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. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same period in the previous year, the firm earned $1.10 earnings per share. The company's revenue was down 6.0% compared to the same quarter last year. On average, equities analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.61%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Insider Buying and Selling at Avnet

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 transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AVT. Truist Financial cut their price objective on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company cut their price objective on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.