Peak Retirement Planning Inc. Makes New $957,000 Investment in Avnet, Inc. (NASDAQ:AVT)

Peak Retirement Planning Inc. bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 18,286 shares of the company's stock, valued at approximately $957,000.

A number of other large investors have also made changes to their positions in AVT. American Century Companies Inc. grew its position in Avnet by 2.1% in the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after acquiring an additional 72,715 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after purchasing an additional 2,816,889 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Avnet by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock worth $58,426,000 after buying an additional 43,547 shares during the last quarter. Norges Bank purchased a new stake in Avnet in the 4th quarter valued at approximately $52,924,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Avnet by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock valued at $48,231,000 after purchasing an additional 5,209 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the company'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 completion of the sale, the vice president now directly owns 14,626 shares of the company's stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by corporate insiders.

Avnet Trading Down 1.1%

Shares of NASDAQ AVT traded down $0.58 during trading on Wednesday, hitting $50.36. 466,494 shares of the company traded hands, compared to its average volume of 748,427. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The company has a 50-day moving average price of $48.41 and a 200-day moving average price of $50.84. The firm has a market capitalization of $4.22 billion, a P/E ratio of 14.27, a P/E/G ratio of 1.13 and a beta of 0.98. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly 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 1.41% and a return on equity of 7.49%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. During the same period in the prior year, the company earned $1.10 EPS. The firm's revenue was down 6.0% on a year-over-year basis. On average, equities analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.62%. Avnet's dividend payout ratio (DPR) is 36.97%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial cut their price target on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Finally, Wells Fargo & Company lowered 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.

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.