Avnet, Inc. (NASDAQ:AVT) Shares Acquired by Voloridge Investment Management LLC

Voloridge Investment Management LLC increased its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 137.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,713 shares of the company's stock after acquiring an additional 156,508 shares during the period. Voloridge Investment Management LLC owned about 0.31% of Avnet worth $14,164,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. GeoWealth Management LLC acquired a new position in Avnet during the 4th quarter worth about $31,000. Synergy Investment Management LLC acquired a new position in Avnet during the 4th quarter worth about $38,000. Natixis increased its holdings in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the period. Bessemer Group Inc. increased its holdings in Avnet by 621.8% during the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares during the period. Finally, Principal Securities Inc. increased its holdings in Avnet by 18.2% during the 4th 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 period. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 14,626 shares of the company's stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

Avnet Stock Up 2.5%

Shares of AVT traded up $1.22 during mid-day trading on Tuesday, reaching $50.94. The company's stock had a trading volume of 469,373 shares, compared to its average volume of 749,555. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The stock has a market cap of $4.27 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The company's 50 day moving average is $48.36 and its 200 day moving average is $50.84.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data 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 return on equity of 7.49% and a net margin of 1.41%. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the business posted $1.10 EPS. The business's revenue for the quarter was down 6.0% on a year-over-year basis. Equities analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Wednesday, June 4th. Avnet's dividend payout ratio is currently 36.97%.

Analyst Ratings Changes

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

Avnet 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.