65,133 Shares in Avnet, Inc. (NASDAQ:AVT) Purchased by Ruffer LLP

Key Points

• Ruffer LLP has acquired a new position in Avnet, purchasing 65,133 shares valued at approximately $3.13 million.
• Avnet has declared a quarterly dividend of $0.33 per share, reflecting a 2.5% yield and a payout ratio of 36.97%.
• Several analysts have recently downgraded Avnet's price targets, with Wells Fargo lowering its target from $45 to $43 and Truist Financial adjusting it from $52 to $50.

Ruffer LLP bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 65,133 shares of the company's stock, valued at approximately $3,132,000. Ruffer LLP owned about 0.08% of Avnet at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in AVT. Commonwealth Equity Services LLC acquired a new position in Avnet in the fourth quarter valued at $311,000. LPL Financial LLC grew its position in Avnet by 13.2% during the fourth quarter. LPL Financial LLC now owns 45,602 shares of the company's stock valued at $2,386,000 after acquiring an additional 5,334 shares during the period. Pictet Asset Management Holding SA grew its position in Avnet by 17.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 15,610 shares of the company's stock valued at $817,000 after acquiring an additional 2,281 shares during the period. CIBC Private Wealth Group LLC grew its position in Avnet by 36.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 4,830 shares of the company's stock valued at $250,000 after acquiring an additional 1,297 shares during the period. Finally, Franklin Resources Inc. grew its position in Avnet by 58.4% during the fourth quarter. Franklin Resources Inc. now owns 82,851 shares of the company's stock valued at $4,335,000 after acquiring an additional 30,561 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Truist Financial boosted their price target on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday. Wells Fargo & Company reduced 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.

Insider Activity

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet 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 directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.50% of the company's stock.

Avnet Stock Up 1.4%

Shares of AVT traded up $0.70 during midday trading on Friday, reaching $51.93. 271,389 shares of the company were exchanged, compared to its average volume of 836,780. The stock has a 50-day moving average price of $53.10 and a 200-day moving average price of $50.71. The company has a market cap of $4.36 billion, a price-to-earnings ratio of 19.03, a P/E/G ratio of 1.08 and a beta of 1.06. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The company has a current ratio of 2.43, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%. The firm's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's payout ratio is presently 48.35%.

About Avnet

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.