Wedge Capital Management L L P NC Makes New $2.78 Million Investment in Avnet, Inc. (NASDAQ:AVT)

Wedge Capital Management L L P NC acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 57,793 shares of the company’s stock, valued at approximately $2,779,000. Wedge Capital Management L L P NC owned approximately 0.07% of Avnet as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. GeoWealth Management LLC bought a new stake in shares of Avnet in the 4th quarter valued at about $31,000. Synergy Investment Management LLC acquired a new position in Avnet during the fourth quarter worth approximately $38,000. Natixis raised its stake 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 period. Curat Global LLC bought a new position in shares of Avnet in the first quarter valued at about $42,000. Finally, Bessemer Group Inc. raised 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 period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AVT. Truist Financial lowered their price objective 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 lowered their price objective on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st.

Avnet Stock Performance

NASDAQ:AVT opened at $51.56 on Tuesday. The stock’s 50-day moving average is $48.87 and its 200-day moving average is $50.64. The stock has a market cap of $4.32 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 1.13 and a beta of 1.02. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last announced 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 business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. Avnet’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period last year, the company earned $1.10 EPS. Equities research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Wednesday, June 4th. Avnet’s dividend payout ratio is 36.97%.

Insider Buying and Selling at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the 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 transaction, the vice president now owns 14,626 shares in the company, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.50% of the company’s stock.

About Avnet

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.