Avnet, Inc. (NASDAQ:AVT) Shares Purchased by Victory Capital Management Inc.

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

Several other institutional investors also recently added to or reduced their stakes in AVT. Norges Bank bought a new stake in shares of Avnet in the 4th quarter valued at about $52,924,000. Lind Value II ApS boosted its holdings in shares of Avnet by 15.6% in the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock valued at $48,277,000 after buying an additional 135,135 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after buying an additional 180,134 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Avnet in the 4th quarter valued at about $38,097,000. Finally, Bank of America Corp DE boosted its holdings in shares of Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after buying an additional 421,098 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

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 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Truist Financial decreased their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company decreased 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.

Avnet Stock Performance

Shares of NASDAQ:AVT traded up $0.16 during trading on Friday, hitting $53.50. 579,679 shares of the stock traded hands, compared to its average volume of 690,082. The company has a quick ratio of 1.13, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average price of $52.68 and a two-hundred day moving average price of $50.68. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 1.17 and a beta of 1.03.

Avnet (NASDAQ:AVT - Get Free Report) last posted its 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. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The business's revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.10 EPS. As a group, equities analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently declared 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 2.47%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's payout ratio is presently 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.