Avnet, Inc. (NASDAQ:AVT) Holdings Raised by Parallel Advisors LLC

Parallel Advisors LLC grew its position in Avnet, Inc. (NASDAQ:AVT) by 54.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,245 shares of the company’s stock after acquiring an additional 2,210 shares during the quarter. Parallel Advisors LLC’s holdings in Avnet were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GeoWealth Management LLC acquired a new position in Avnet during the 4th quarter worth $31,000. Synergy Investment Management LLC acquired a new stake in Avnet in the 4th quarter valued at about $38,000. Natixis lifted its holdings in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company’s stock valued at $38,000 after acquiring an additional 688 shares during the last quarter. Bessemer Group Inc. lifted its holdings in Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock valued at $50,000 after acquiring an additional 827 shares during the last quarter. Finally, Principal Securities Inc. lifted its holdings in 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 acquiring an additional 211 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVT. Truist Financial cut their target price on Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company cut 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.

Insider Buying and Selling at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Avnet Trading Down 0.7%

Avnet stock opened at $50.62 on Thursday. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 1.13 and a beta of 1.02. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The business has a 50 day moving average price of $48.69 and a two-hundred day moving average price of $50.72.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.72 by $0.12. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. Avnet’s revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the company earned $1.10 EPS. As a group, equities analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently disclosed 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 of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.61%. Avnet’s payout ratio is 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.