New England Research & Management Inc. Reduces Position in Avnet, Inc. (NASDAQ:AVT)

New England Research & Management Inc. lessened its position in shares of Avnet, Inc. (NASDAQ:AVT) by 21.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,700 shares of the company’s stock after selling 1,550 shares during the quarter. New England Research & Management Inc.’s holdings in Avnet were worth $293,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC lifted its position in Avnet by 46.5% during the 4th quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after acquiring an additional 208 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Avnet during the 4th quarter worth approximately $928,000. Allspring Global Investments Holdings LLC lifted its position in Avnet by 135.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 65,795 shares of the company’s stock worth $3,316,000 after acquiring an additional 37,815 shares during the period. Kendall Capital Management lifted its position in Avnet by 24.1% during the 4th quarter. Kendall Capital Management now owns 80,153 shares of the company’s stock worth $4,040,000 after acquiring an additional 15,545 shares during the period. Finally, Crestwood Advisors Group LLC lifted its position in Avnet by 1.4% during the 4th quarter. Crestwood Advisors Group LLC now owns 19,971 shares of the company’s stock worth $1,007,000 after acquiring an additional 277 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In other news, CEO Philip R. Gallagher sold 19,532 shares of the firm’s 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 directly 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 Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Philip R. Gallagher sold 19,532 shares of Avnet stock in a transaction on Friday, May 10th. The stock was sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the completion of the transaction, the chief executive officer now directly owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Carlo Bozotti sold 9,000 shares of Avnet stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the transaction, the director now directly owns 11,578 shares of the company’s stock, valued at $629,843.20. The disclosure for this sale can be found here. Insiders sold 66,532 shares of company stock valued at $3,544,957 in the last three months. 1.30% of the stock is currently owned by company insiders.

Avnet Price Performance

Shares of AVT traded up $0.34 during mid-day trading on Tuesday, hitting $50.23. The company’s stock had a trading volume of 522,841 shares, compared to its average volume of 603,072. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The firm has a 50-day simple moving average of $52.58 and a 200 day simple moving average of $49.83. The firm has a market capitalization of $4.54 billion, a P/E ratio of 8.13 and a beta of 1.16. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.46.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were issued a $0.31 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.47%. Avnet’s dividend payout ratio is currently 20.06%.

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.