Wedge Capital Management L L P NC Takes $2.78 Million Position in Avnet, Inc. (NASDAQ:AVT)

Wedge Capital Management L L P NC purchased a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 57,793 shares of the company's stock, valued at approximately $2,779,000. Wedge Capital Management L L P NC owned about 0.07% of Avnet at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Avnet during the fourth quarter valued at approximately $52,924,000. Woodline Partners LP acquired a new stake in Avnet in the 4th quarter valued at approximately $38,097,000. Raymond James Financial Inc. bought a new stake in Avnet during the 4th quarter valued at $32,676,000. Bank of America Corp DE boosted its position in Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after acquiring an additional 421,098 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after purchasing an additional 180,134 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Price Performance

Shares of AVT traded up $0.55 during midday trading on Tuesday, reaching $52.11. The stock had a trading volume of 532,997 shares, compared to its average volume of 742,263. 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 has a market capitalization of $4.37 billion, a P/E ratio of 14.76, a P/E/G ratio of 1.13 and a beta of 1.02. The firm's 50 day moving average price is $48.87 and its 200-day moving average price is $50.64. 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 issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.25 billion. During the same period in the previous year, the business earned $1.10 earnings per share. Avnet's revenue for the quarter was down 6.0% compared to the same quarter last year. On average, analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.53%. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Truist Financial cut 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 dropped their price target 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 stock in a transaction dated Tuesday, May 13th. The stock was 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 approximately $772,252.80. This represents a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.50% of the company's stock.

About Avnet

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.