Park Avenue Securities LLC Grows Holdings in Avnet, Inc. (NASDAQ:AVT)

Park Avenue Securities LLC grew its holdings in Avnet, Inc. (NASDAQ:AVT) by 5.7% during the first quarter, HoldingsChannel.com reports. The firm owned 5,267 shares of the company’s stock after acquiring an additional 283 shares during the quarter. Park Avenue Securities LLC’s holdings in Avnet were worth $261,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVT. Norges Bank purchased a new position in shares of Avnet during the fourth quarter valued at $51,065,000. Dimensional Fund Advisors LP increased its stake in shares of Avnet by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock valued at $315,175,000 after buying an additional 157,709 shares during the period. Tudor Investment Corp Et Al increased its stake in shares of Avnet by 212.8% during the third quarter. Tudor Investment Corp Et Al now owns 228,857 shares of the company’s stock valued at $11,029,000 after buying an additional 155,685 shares during the period. Vanguard Group Inc. increased its stake in shares of Avnet by 1.3% during the third quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock valued at $506,945,000 after buying an additional 135,171 shares during the period. Finally, Access Investment Management LLC purchased a new position in shares of Avnet during the fourth quarter valued at $5,544,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of AVT stock opened at $50.72 on Tuesday. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.46. The stock’s 50-day moving average is $52.36 and its 200 day moving average is $49.19. The company has a market cap of $4.58 billion, a P/E ratio of 8.21 and a beta of 1.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data 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 net margin of 2.31% and a return on equity of 11.64%. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the business earned $2.00 EPS. Avnet’s revenue for the quarter was down 13.2% compared to the same quarter last year. Research analysts predict that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.44%. The ex-dividend date was Wednesday, June 5th. Avnet’s dividend payout ratio is presently 20.06%.

Insiders Place Their Bets

In other Avnet news, Director Carlo Bozotti sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the completion of the sale, the director now owns 11,578 shares of the company’s stock, valued at $629,843.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Avnet news, CEO Philip R. Gallagher sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total value of $1,612,200.00. Following the completion of the sale, the chief executive officer now owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Carlo Bozotti sold 9,000 shares of Avnet stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the sale, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,532 shares of company stock valued at $3,544,957. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.