Wedge Capital Management L L P NC Purchases New Stake in Avnet, Inc. (NASDAQ:AVT)

Wedge Capital Management L L P NC purchased a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 57,793 shares of the company's stock, valued at approximately $2,779,000. Wedge Capital Management L L P NC owned 0.07% of Avnet as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Deutsche Bank AG increased its position in shares of Avnet by 9.8% during the fourth quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock valued at $1,561,000 after buying an additional 2,655 shares during the period. Barclays PLC increased its position in shares of Avnet by 2.4% during the fourth quarter. Barclays PLC now owns 94,036 shares of the company's stock valued at $4,920,000 after buying an additional 2,194 shares during the period. Jane Street Group LLC increased its position in shares of Avnet by 245.8% during the fourth quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock valued at $2,373,000 after buying an additional 32,235 shares during the period. William Blair Investment Management LLC increased its position in shares of Avnet by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 733,566 shares of the company's stock valued at $38,380,000 after buying an additional 17,685 shares during the period. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Avnet during the fourth quarter valued at about $311,000. 95.78% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were 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 in the company, valued at $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.50% of the stock is owned by corporate insiders.

Avnet Price Performance

AVT stock traded down $1.04 during midday trading on Friday, reaching $50.49. The company had a trading volume of 439,655 shares, compared to its average volume of 743,840. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The company has a market capitalization of $4.23 billion, a P/E ratio of 14.30, a P/E/G ratio of 1.13 and a beta of 1.02. The firm has a 50-day moving average price of $49.58 and a 200-day moving average price of $50.60.

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

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.61%. Avnet's dividend payout ratio (DPR) is 36.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AVT shares. Wells Fargo & Company dropped their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Truist Financial cut their price target 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.

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.