Avnet, Inc. (NASDAQ:AVT) Stock Position Lifted by Hexagon Capital Partners LLC

Hexagon Capital Partners LLC lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 1,113.5% during the first quarter, Holdings Channel.com reports. The firm owned 898 shares of the company’s stock after acquiring an additional 824 shares during the period. Hexagon Capital Partners LLC’s holdings in Avnet were worth $45,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Avnet by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after buying an additional 135,171 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Avnet by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after purchasing an additional 157,709 shares in the last quarter. Greenhaven Associates Inc. lifted its holdings in shares of Avnet by 1.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company’s stock valued at $193,274,000 after buying an additional 62,710 shares during the period. Earnest Partners LLC grew its stake in shares of Avnet by 3.4% in the 3rd quarter. Earnest Partners LLC now owns 1,420,388 shares of the company’s stock worth $68,448,000 after purchasing an additional 46,044 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in Avnet by 4.0% during the fourth quarter. Allianz Asset Management GmbH now owns 1,083,424 shares of the company’s stock worth $54,605,000 after buying an additional 41,951 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Down 1.5 %

AVT stock opened at $50.72 on Tuesday. The company’s 50 day simple moving average is $52.36 and its 200-day simple moving average is $49.19. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. The firm has a market capitalization of $4.58 billion, a P/E ratio of 8.21 and a beta of 1.16.

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

Avnet Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Avnet

In other news, Director Carlo Bozotti sold 9,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were 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 directly owns 11,578 shares of the company’s stock, valued at $629,843.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction of $1,612,200.00. Following the completion of the sale, the chief executive officer now directly owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlo Bozotti sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were 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 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. Insiders have sold a total of 66,532 shares of company stock valued at $3,544,957 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

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.