Squarepoint Ops LLC Purchases 146,825 Shares of Avnet, Inc. (NASDAQ:AVT)

Squarepoint Ops LLC grew its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 72.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 348,304 shares of the company's stock after purchasing an additional 146,825 shares during the quarter. Squarepoint Ops LLC owned about 0.40% of Avnet worth $18,223,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GeoWealth Management LLC bought a new stake in shares of Avnet during the fourth quarter worth $31,000. Synergy Investment Management LLC bought a new stake in shares of Avnet in the fourth quarter worth about $38,000. Natixis grew its holdings in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after buying an additional 688 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Avnet by 621.8% during the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after buying an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Bank of America cut Avnet from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Wells Fargo & Company dropped their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Finally, Truist Financial dropped 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.

Insider Buying and Selling

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction on 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. The trade was a 21.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Avnet Price Performance

NASDAQ AVT traded up $1.15 during midday trading on Tuesday, hitting $50.87. The company had a trading volume of 73,880 shares, compared to its average volume of 748,008. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a 50-day moving average price of $48.36 and a 200-day moving average price of $50.84. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.27 billion, a PE ratio of 14.41, a P/E/G ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results 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. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter last year, the company posted $1.10 EPS. The company's revenue for the quarter was down 6.0% compared to the same quarter last year. As a group, analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal 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 given a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.60%. Avnet's dividend payout ratio is currently 36.97%.

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.