Peak Retirement Planning Inc. Takes Position in Avnet, Inc. (NASDAQ:AVT)

Peak Retirement Planning Inc. bought a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 18,286 shares of the company's stock, valued at approximately $957,000.

A number of other institutional investors also recently bought and sold shares of AVT. GeoWealth Management LLC acquired a new position in Avnet during the fourth quarter worth $31,000. Synergy Investment Management LLC acquired a new position in Avnet during the 4th quarter worth about $38,000. Natixis boosted its holdings in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after acquiring an additional 688 shares during the period. Bessemer Group Inc. grew its position in Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after acquiring an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew 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 in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Up 2.5%

Shares of NASDAQ:AVT traded up $1.22 during trading on Tuesday, hitting $50.94. 469,373 shares of the company were exchanged, compared to its average volume of 749,555. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The firm's 50 day moving average price is $48.36 and its 200-day moving average price is $50.84. The stock has a market capitalization of $4.27 billion, a P/E ratio of 14.43, a PEG ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share 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 business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same period in the prior year, the company earned $1.10 earnings per share. The company's revenue was down 6.0% compared to the same quarter last year. On average, research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders 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 2.59%. Avnet's payout ratio is 36.97%.

Analyst Ratings Changes

AVT has been the topic of several analyst reports. Bank of America cut shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial lowered their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Finally, Wells Fargo & Company cut their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st.

Insider Buying and Selling at Avnet

In other Avnet 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 transaction, the vice president now owns 14,626 shares in the company, valued at approximately $772,252.80. This represents a 21.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.50% of the company's stock.

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.