Redwood Investment Management LLC Purchases New Position in Avnet, Inc. (NASDAQ:AVT)

Redwood Investment Management LLC acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,624 shares of the company’s stock, valued at approximately $1,518,000.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Avnet in the fourth quarter valued at approximately $51,065,000. William Blair Investment Management LLC acquired a new position in Avnet in the first quarter worth $36,601,000. Vanguard Group Inc. boosted its stake in Avnet by 5.0% in the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after purchasing an additional 519,478 shares in the last quarter. ARGA Investment Management LP grew its holdings in shares of Avnet by 584.1% during the first quarter. ARGA Investment Management LP now owns 320,990 shares of the company’s stock worth $15,915,000 after purchasing an additional 274,071 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Avnet by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock valued at $315,175,000 after buying an additional 157,709 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Trading Up 1.1 %

Shares of NASDAQ AVT traded up $0.60 during midday trading on Wednesday, reaching $53.76. 577,234 shares of the stock were exchanged, compared to its average volume of 602,840. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.46. The business has a 50-day simple moving average of $52.88 and a two-hundred day simple moving average of $49.71. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 8.70 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the firm earned $2.00 EPS. The company’s revenue for the quarter was down 13.2% on a year-over-year basis. As a group, equities research analysts expect that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Wednesday, June 5th. Avnet’s dividend payout ratio is presently 20.06%.

Insider Buying and Selling at Avnet

In related news, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the transaction, the senior vice president now owns 40,239 shares in the company, valued at $2,186,587.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Philip R. Gallagher sold 19,532 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $51.63, for a total value of $1,008,437.16. Following the completion of the sale, the chief executive officer now owns 140,792 shares of the company’s stock, valued at approximately $7,269,090.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Ken E. Arnold sold 8,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total transaction of $434,720.00. Following the transaction, the senior vice president now owns 40,239 shares in the company, valued at $2,186,587.26. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,532 shares of company stock worth $3,544,957. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Truist Financial decreased their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.00.

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.