Universal Beteiligungs und Servicegesellschaft mbH Buys New Shares in Avnet, Inc. (NASDAQ:AVT)

Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 110,985 shares of the company's stock, valued at approximately $5,807,000. Universal Beteiligungs und Servicegesellschaft mbH owned about 0.13% of Avnet as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its holdings in Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after purchasing an additional 72,715 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Avnet by 4.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock worth $58,426,000 after acquiring an additional 43,547 shares in the last quarter. Norges Bank purchased a new position in Avnet during the 4th quarter valued at about $52,924,000. Charles Schwab Investment Management Inc. increased its stake in Avnet by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock worth $48,231,000 after purchasing an additional 5,209 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Avnet by 25.2% during the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after purchasing an additional 180,134 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Insiders Place Their Bets

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the business's 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 transaction, the vice president now owns 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AVT has been the topic of several recent research reports. Wells Fargo & Company cut their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Truist Financial lowered their target price on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st.

Avnet Stock Down 1.4%

Shares of NASDAQ:AVT traded down $0.73 on Friday, hitting $49.93. 598,087 shares of the company's stock were exchanged, compared to its average volume of 744,056. The firm's 50-day moving average is $48.53 and its 200 day moving average is $50.74. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The company has a market capitalization of $4.19 billion, a PE ratio of 14.14, a P/E/G ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. During the same period in the prior year, the company earned $1.10 earnings per share. The business's revenue was down 6.0% compared to the same quarter last year. Sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

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 paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.64%. The ex-dividend date is Wednesday, June 4th. Avnet's 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.