Legacy Advisors LLC Acquires Shares of 536 Avnet, Inc. (NASDAQ:AVT)

Legacy Advisors LLC bought a new position in Avnet, Inc. (NASDAQ:AVT) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 536 shares of the company’s stock, valued at approximately $26,000.

Several other large investors have also modified their holdings of AVT. Principal Securities Inc. grew its stake in Avnet by 18.2% in 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 in the last quarter. World Investment Advisors raised its stake in shares of Avnet by 3.7% during the 4th quarter. World Investment Advisors now owns 7,223 shares of the company’s stock worth $378,000 after acquiring an additional 255 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Avnet by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company’s stock valued at $731,000 after purchasing an additional 279 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Avnet by 30.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company’s stock valued at $76,000 after buying an additional 340 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Avnet by 10.5% in the 1st quarter. Blue Trust Inc. now owns 3,812 shares of the company’s stock worth $183,000 after purchasing an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the business’s stock in a transaction that occurred 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 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 document filed with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

AVT has been the subject of a number of research reports. Truist Financial decreased their target price on Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Wells Fargo & Company dropped their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st.

Avnet Price Performance

Shares of Avnet stock opened at $52.08 on Thursday. The business has a 50 day simple moving average of $50.54 and a two-hundred day simple moving average of $50.42. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13. The stock has a market capitalization of $4.37 billion, a P/E ratio of 14.59, a PEG ratio of 1.76 and a beta of 1.02.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. Avnet’s quarterly revenue was down 6.0% on a year-over-year basis. As a group, analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Wednesday, June 4th. 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.