Occudo Quantitative Strategies LP Purchases New Shares in Avnet, Inc. (NASDAQ:AVT)

Occudo Quantitative Strategies LP acquired a new position in Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 19,277 shares of the company’s stock, valued at approximately $1,009,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVT. Principal Securities Inc. grew its holdings in Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after purchasing an additional 211 shares during the period. World Investment Advisors lifted its position in Avnet by 3.7% during the fourth quarter. World Investment Advisors now owns 7,223 shares of the company’s stock valued at $378,000 after purchasing an additional 255 shares during the last quarter. Highland Capital Management LLC raised its position in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock valued at $222,000 after purchasing an additional 261 shares during the period. Quadrant Capital Group LLC boosted its stake in Avnet by 30.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company’s stock worth $76,000 after buying an additional 340 shares during the period. Finally, Transcend Capital Advisors LLC increased its position in Avnet by 2.3% during the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company’s stock valued at $871,000 after acquiring an additional 381 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Insider Transactions at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president now directly owns 14,626 shares of the company’s stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on AVT. Truist Financial dropped their price target 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. Wells Fargo & Company dropped their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Finally, Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $58.00 to $48.00 in a report on Thursday, January 30th.

Avnet Price Performance

Shares of NASDAQ AVT opened at $52.37 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. 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 cap of $4.39 billion, a PE ratio of 14.84, a P/E/G ratio of 1.13 and a beta of 0.98. The business has a 50-day simple moving average of $47.93 and a two-hundred day simple moving average of $51.17.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.12. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm’s revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.10 earnings per share. As a group, equities 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 was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is presently 36.97%.

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.