Woodline Partners LP Acquires New Shares in Avnet, Inc. (NASDAQ:AVT)

Woodline Partners LP bought a new stake in Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 728,161 shares of the company’s stock, valued at approximately $38,097,000. Woodline Partners LP owned approximately 0.84% of Avnet at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. lifted its stake in shares of Avnet by 18.2% in the 4th 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 last quarter. World Investment Advisors lifted its position in shares of Avnet by 3.7% in the fourth quarter. World Investment Advisors now owns 7,223 shares of the company’s stock worth $378,000 after buying an additional 255 shares during the last quarter. Highland Capital Management LLC boosted its stake in shares of Avnet by 6.6% during the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after acquiring an additional 261 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Avnet by 30.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company’s stock valued at $76,000 after acquiring an additional 340 shares during the last quarter. Finally, Transcend Capital Advisors LLC increased its holdings in shares of Avnet by 2.3% during the 4th 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. 95.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AVT shares. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Wells Fargo & Company reduced their price objective 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. Finally, Truist Financial decreased their price objective on shares of Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, May 1st.

Avnet Price Performance

NASDAQ AVT opened at $50.91 on Wednesday. The stock has a 50-day simple moving average of $48.24 and a 200 day simple moving average of $51.04. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The stock has a market capitalization of $4.27 billion, a PE ratio of 14.42, a P/E/G ratio of 1.13 and a beta of 0.98. 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 (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same period in the previous year, the company earned $1.10 earnings per share. The company’s quarterly revenue was down 6.0% compared to the same quarter last year. Research analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a $0.33 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.59%. Avnet’s dividend payout ratio is 36.97%.

Insider Transactions at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the firm’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 completion of the sale, the vice president now owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

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.