Wedge Capital Management L L P NC Purchases New Position in Avnet, Inc. (NASDAQ:AVT)

Wedge Capital Management L L P NC bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 1st quarter, HoldingsChannel.com reports. The fund bought 57,793 shares of the company’s stock, valued at approximately $2,779,000.

A number of other hedge funds have also bought and sold shares of AVT. Norges Bank purchased a new position in shares of Avnet during the 4th quarter valued at $52,924,000. Woodline Partners LP purchased a new stake in Avnet in the fourth quarter valued at approximately $38,097,000. Raymond James Financial Inc. bought a new stake in shares of Avnet during the 4th quarter worth $32,676,000. Bank of America Corp DE lifted its stake in Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company’s stock worth $36,726,000 after purchasing an additional 421,098 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company’s stock worth $46,875,000 after buying an additional 180,134 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet 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 completion of the sale, the vice president now owns 14,626 shares of the company’s stock, valued at $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on AVT. Wells Fargo & Company lowered their price target on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. Truist Financial dropped their price target on Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, May 1st.

Avnet Price Performance

Shares of NASDAQ AVT opened at $51.56 on Tuesday. 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 company has a 50 day simple moving average of $48.87 and a two-hundred day simple moving average of $50.64. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 14.61, a P/E/G ratio of 1.13 and a beta of 1.02.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) 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 company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the business posted $1.10 EPS. Avnet’s revenue was down 6.0% compared to the same quarter last year. Analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 2.56%. Avnet’s dividend payout ratio (DPR) is presently 36.97%.

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.