23,489 Shares in Avnet, Inc. (NASDAQ:AVT) Bought by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the first quarter, HoldingsChannel reports. The firm bought 23,489 shares of the company’s stock, valued at approximately $1,130,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVT. Norges Bank purchased a new stake in Avnet during the fourth quarter valued at $52,924,000. Woodline Partners LP purchased a new stake in Avnet during the fourth quarter valued at $38,097,000. Raymond James Financial Inc. purchased a new stake in Avnet during the fourth quarter valued at $32,676,000. Bank of America Corp DE raised its stake in Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company’s stock valued at $36,726,000 after purchasing an additional 421,098 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Avnet by 25.2% during the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company’s stock valued at $46,875,000 after purchasing an additional 180,134 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 0.5%

AVT stock opened at $52.08 on Thursday. The company has a market capitalization of $4.37 billion, a PE ratio of 14.59, a P/E/G ratio of 1.76 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 firm’s 50-day moving average is $50.54 and its 200 day moving average is $50.42. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13.

Avnet (NASDAQ:AVT) last posted its quarterly 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 company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The firm’s revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 EPS. On average, research analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet’s payout ratio is 36.97%.

Insiders Place Their Bets

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the transaction, the vice president now directly owns 14,626 shares in the company, valued at $772,252.80. This represents a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

AVT has been the topic of several recent analyst reports. Wells Fargo & Company reduced their target price on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research note on Thursday, May 1st. Truist Financial reduced their target price on shares of Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st.

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.