Woodline Partners LP Purchases Shares of 728,161 Avnet, Inc. (NASDAQ:AVT)

Woodline Partners LP acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 728,161 shares of the company’s stock, valued at approximately $38,097,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GeoWealth Management LLC acquired a new position in shares of Avnet in the 4th quarter worth approximately $31,000. Synergy Investment Management LLC bought a new position in Avnet in the 4th quarter valued at $38,000. Natixis raised its position in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company’s stock valued at $38,000 after purchasing an additional 688 shares during the last quarter. Bessemer Group Inc. boosted its stake in Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock worth $50,000 after purchasing an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after purchasing an additional 211 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Down 0.0%

NASDAQ AVT opened at $50.91 on Wednesday. The stock has a market capitalization of $4.27 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. 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 stock has a fifty day moving average of $48.24 and a 200-day moving average of $51.04.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.12. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The firm’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.10 earnings per share. On average, equities research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Wednesday, June 4th. Avnet’s dividend payout ratio (DPR) is presently 36.97%.

Insider Transactions at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president now owns 14,626 shares of the company’s stock, valued at $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Avnet 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.