Quantinno Capital Management LP Grows Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Quantinno Capital Management LP increased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 21.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 116,847 shares of the company’s stock after purchasing an additional 20,629 shares during the period. Quantinno Capital Management LP’s holdings in Avnet were worth $6,113,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC increased its holdings in Avnet by 87.6% during the third quarter. Barclays PLC now owns 91,842 shares of the company’s stock valued at $4,988,000 after buying an additional 42,880 shares during the last quarter. Franklin Resources Inc. increased its holdings in Avnet by 17.1% during the third quarter. Franklin Resources Inc. now owns 52,290 shares of the company’s stock valued at $2,895,000 after buying an additional 7,619 shares during the last quarter. Park Avenue Securities LLC boosted its position in shares of Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after purchasing an additional 1,101 shares during the period. Greenhaven Associates Inc. boosted its position in shares of Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock worth $207,336,000 after purchasing an additional 38,185 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of Avnet by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company’s stock worth $2,837,000 after purchasing an additional 7,800 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction on Tuesday, May 13th. The shares were 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 directly owns 14,626 shares of the company’s stock, valued at $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on AVT. Bank of America lowered shares of Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial dropped their price target on shares of Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Finally, Wells Fargo & Company dropped their price target on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st.

Avnet Price Performance

Shares of NASDAQ:AVT opened at $51.88 on Friday. 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 firm has a fifty day moving average price of $48.08 and a 200 day moving average price of $51.14. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the business earned $1.10 earnings per share. Avnet’s revenue for the quarter was down 6.0% on a year-over-year basis. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.54%. Avnet’s dividend payout ratio is 36.97%.

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.