Voloridge Investment Management LLC Grows Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Voloridge Investment Management LLC increased its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 137.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 270,713 shares of the company's stock after purchasing an additional 156,508 shares during the period. Voloridge Investment Management LLC owned approximately 0.31% of Avnet worth $14,164,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. GeoWealth Management LLC bought a new stake in Avnet in the fourth quarter worth $31,000. Synergy Investment Management LLC bought a new stake in Avnet in the fourth quarter worth $38,000. Natixis increased its position in Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the last quarter. Bessemer Group Inc. increased its position in Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares during the last quarter. Finally, Principal Securities Inc. increased its position in Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Wall Street Analysts Forecast Growth

AVT has been the topic of several research reports. Truist Financial reduced their price target on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Bank of America cut shares of Avnet from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Wells Fargo & Company cut their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st.

Insider Buying and Selling

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the company's stock in a transaction dated 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 now directly owns 14,626 shares of the company's stock, valued at $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by insiders.

Avnet Trading Down 0.3%

Shares of NASDAQ AVT traded down $0.17 during mid-day trading on Thursday, reaching $50.19. The company had a trading volume of 80,626 shares, compared to its average volume of 745,287. The business's 50-day moving average is $48.48 and its 200-day moving average is $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 stock has a market cap of $4.21 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24.

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

Avnet Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio (DPR) 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.