Voloridge Investment Management LLC Has $14.16 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

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

Several other institutional investors also recently bought and sold shares of AVT. GeoWealth Management LLC purchased a new position in shares of Avnet in the fourth quarter worth about $31,000. Synergy Investment Management LLC acquired a new stake in Avnet in the 4th quarter valued at about $38,000. Natixis lifted its stake in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares in the last quarter. Bessemer Group Inc. lifted its stake in Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares in the last quarter. Finally, Principal Securities Inc. boosted its holdings in shares of 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 last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the company's 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 transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

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

Avnet Trading Down 1.1%

Shares of AVT stock traded down $0.58 during mid-day trading on Wednesday, reaching $50.36. The company's stock had a trading volume of 466,494 shares, compared to its average volume of 748,427. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $4.22 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The company's 50 day simple moving average is $48.41 and its 200-day simple moving average is $50.84. Avnet, Inc. has a 12-month low of $39.22 and a 12-month 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. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.25 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The firm's quarterly revenue was down 6.0% on a year-over-year basis. On average, research analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.62%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is 36.97%.

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.