Ken E. Arnold Sells 8,000 Shares of Avnet, Inc. (NASDAQ:AVT) Stock

Avnet, Inc. (NASDAQ:AVT) SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total transaction of $434,720.00. Following the transaction, the senior vice president now owns 40,239 shares in the company, valued at approximately $2,186,587.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Avnet Price Performance

Shares of NASDAQ AVT opened at $52.20 on Friday. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.46. The firm has a fifty day simple moving average of $51.37 and a 200 day simple moving average of $48.81. The company has a market capitalization of $4.72 billion, a PE ratio of 8.45 and a beta of 1.19. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the business earned $2.00 EPS. Avnet’s quarterly revenue was down 13.2% on a year-over-year basis. On average, sell-side analysts forecast that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, June 5th. Avnet’s dividend payout ratio is presently 20.06%.

Wall Street Analyst Weigh In

Separately, Truist Financial cut their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Avnet presently has an average rating of “Hold” and an average price target of $45.00.

Hedge Funds Weigh In On Avnet

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Avnet by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock valued at $315,175,000 after purchasing an additional 157,709 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Avnet by 4.0% in the fourth quarter. Allianz Asset Management GmbH now owns 1,083,424 shares of the company’s stock valued at $54,605,000 after purchasing an additional 41,951 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Avnet by 26.5% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 484,765 shares of the company’s stock valued at $24,432,000 after purchasing an additional 101,700 shares in the last quarter. Morningstar Investment Services LLC increased its position in shares of Avnet by 109.5% during the fourth quarter. Morningstar Investment Services LLC now owns 41,897 shares of the company’s stock worth $2,123,000 after acquiring an additional 21,896 shares in the last quarter. Finally, Caxton Associates LP increased its position in shares of Avnet by 106.5% during the fourth quarter. Caxton Associates LP now owns 54,756 shares of the company’s stock worth $2,760,000 after acquiring an additional 28,243 shares in the last quarter. Institutional investors own 95.78% 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.