Victory Capital Management Inc. Has $13.94 Million Stake in Avnet, Inc. (NASDAQ:AVT)

Victory Capital Management Inc. grew its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 19.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,897 shares of the company's stock after buying an additional 48,047 shares during the quarter. Victory Capital Management Inc. owned approximately 0.34% of Avnet worth $13,941,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Legacy Advisors LLC bought a new stake in shares of Avnet during the first quarter valued at approximately $26,000. GeoWealth Management LLC bought a new stake in shares of Avnet during the fourth quarter valued at approximately $31,000. Natixis grew its stake in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the last quarter. TD Private Client Wealth LLC grew its stake in shares of 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 purchasing an additional 246 shares during the last quarter. Finally, Curat Global LLC bought a new stake in shares of Avnet during the first quarter valued at approximately $42,000. 95.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on AVT shares. Truist Financial reduced their price objective on shares of 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 reduced their price objective 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.

Avnet Trading Up 0.3%

AVT traded up $0.16 during mid-day trading on Friday, hitting $53.50. The stock had a trading volume of 579,679 shares, compared to its average volume of 690,082. The stock's fifty day simple moving average is $52.68 and its 200-day simple moving average is $50.69. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.16 and a beta of 1.03. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.12. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The firm's quarterly revenue was down 6.0% on a year-over-year basis. During the same period last year, the business posted $1.10 earnings per share. As a group, research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is currently 36.97%.

Insiders Place Their Bets

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the sale, the vice president owned 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company 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.