Islay Capital Management LLC Buys 6,929 Shares of Avnet, Inc. (NASDAQ:AVT)

Islay Capital Management LLC grew its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 51.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,379 shares of the company’s stock after purchasing an additional 6,929 shares during the period. Islay Capital Management LLC’s holdings in Avnet were worth $1,027,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of AVT. Venturi Wealth Management LLC raised its holdings in shares of Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after purchasing an additional 208 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in Avnet by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 14,590 shares of the company’s stock valued at $735,000 after buying an additional 222 shares during the last quarter. Avantax Planning Partners Inc. increased its holdings in Avnet by 5.4% during the third quarter. Avantax Planning Partners Inc. now owns 4,878 shares of the company’s stock valued at $235,000 after buying an additional 249 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in Avnet by 19.1% during the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock valued at $79,000 after buying an additional 265 shares during the last quarter. Finally, Crestwood Advisors Group LLC increased its holdings in Avnet by 1.4% during the fourth quarter. Crestwood Advisors Group LLC now owns 19,971 shares of the company’s stock valued at $1,007,000 after buying an additional 277 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group reduced their price objective on shares of Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat, Avnet currently has an average rating of “Hold” and an average target price of $45.50.

Avnet Price Performance

Shares of NASDAQ:AVT traded down $0.54 during midday trading on Tuesday, reaching $49.42. 761,353 shares of the company were exchanged, compared to its average volume of 572,815. The business’s fifty day moving average is $47.69 and its two-hundred day moving average is $47.36. The stock has a market cap of $4.47 billion, a PE ratio of 6.90, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24. The company has a current ratio of 2.34, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. Avnet, Inc. has a one year low of $40.00 and a one year high of $51.65.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.39 by $0.01. The company had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.15 billion. Avnet had a net margin of 2.62% and a return on equity of 13.60%. During the same quarter last year, the firm posted $2.00 EPS. As a group, analysts predict that Avnet, Inc. will post 5.25 earnings per share for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet’s dividend payout ratio is presently 17.13%.

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.