Ruffer LLP Invests $3.13 Million in Avnet, Inc. (NASDAQ:AVT)

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 position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 65,133 shares of the company's stock, valued at approximately $3,132,000. Ruffer LLP owned approximately 0.08% of Avnet as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of AVT. Legacy Advisors LLC purchased a new position in shares of Avnet in the first quarter worth about $26,000. GeoWealth Management LLC purchased a new position in Avnet during the fourth quarter valued at approximately $31,000. Natixis grew its stake in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after acquiring an additional 688 shares in the last quarter. TD Private Client Wealth LLC grew its stake in Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after acquiring an additional 246 shares in the last quarter. Finally, Curat Global LLC purchased a new position in Avnet during the first quarter valued at approximately $42,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Price Performance

AVT opened at $51.87 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. The stock has a market capitalization of $4.35 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.13 and a beta of 1.06. The company's 50-day simple moving average is $53.03 and its two-hundred day simple moving average is $50.74. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's dividend payout ratio is currently 36.97%.

Analysts Set New Price Targets

Several equities analysts recently commented on AVT shares. Wells Fargo & Company reduced 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. Truist Financial dropped their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st.

Insider Transactions at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.50% of the company's stock.

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.

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