Public Employees Retirement System of Ohio Makes New $1.56 Million Investment in Avnet, Inc. (NASDAQ:AVT)

Public Employees Retirement System of Ohio purchased a new position in 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 purchased 29,821 shares of the company's stock, valued at approximately $1,560,000.

A number of other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. boosted its stake in Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after buying an additional 211 shares during the last quarter. World Investment Advisors boosted its stake in Avnet by 3.7% during the fourth quarter. World Investment Advisors now owns 7,223 shares of the company's stock worth $378,000 after buying an additional 255 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Avnet by 30.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock worth $76,000 after buying an additional 340 shares during the last quarter. Transcend Capital Advisors LLC boosted its stake in Avnet by 2.3% during the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company's stock worth $871,000 after buying an additional 381 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in Avnet by 2.8% during the fourth quarter. Tidal Investments LLC now owns 13,930 shares of the company's stock worth $729,000 after buying an additional 383 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Trading Up 0.9%

Shares of Avnet stock traded up $0.45 during trading hours on Friday, hitting $50.99. The company's stock had a trading volume of 453,188 shares, compared to its average volume of 742,948. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a fifty day moving average of $48.81 and a 200-day moving average of $50.70. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.13 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39.

Avnet (NASDAQ:AVT - Get Free Report) last posted 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 firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The company's quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.10 EPS. Research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.59%. Avnet's dividend payout ratio is presently 36.97%.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the sale, the vice president now owns 14,626 shares in the company, valued at $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 available through this link. Company insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AVT shares. Truist Financial decreased their price target 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 decreased 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.

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.