19,277 Shares in Avnet, Inc. (NASDAQ:AVT) Purchased by Occudo Quantitative Strategies LP

Occudo Quantitative Strategies LP bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 19,277 shares of the company's stock, valued at approximately $1,009,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. raised its position in shares of Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after acquiring an additional 2,816,889 shares in the last quarter. Norges Bank bought a new position in shares of Avnet in the 4th quarter worth $52,924,000. Raymond James Financial Inc. bought a new position in shares of Avnet in the 4th quarter worth $32,676,000. Bank of America Corp DE raised its position in shares of Avnet by 149.9% in 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 in the last quarter. Finally, Northern Trust Corp raised its position in shares of Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after acquiring an additional 180,134 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Avnet Stock Up 0.6%

AVT stock traded up $0.29 on Friday, hitting $51.88. 527,371 shares of the company's stock were exchanged, compared to its average volume of 753,067. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The firm has a 50 day moving average price of $48.08 and a two-hundred day moving average price of $51.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The stock has a market cap of $4.35 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

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

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.54%. Avnet's payout ratio is presently 36.97%.

Insider Buying and Selling at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the business's 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 transaction, the vice president now owns 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.50% of the company's stock.

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.