Healthcare of Ontario Pension Plan Trust Fund Makes New $3.78 Million Investment in Avnet, Inc. $AVT

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 61,400 shares of the company’s stock, valued at approximately $3,783,000. Healthcare of Ontario Pension Plan Trust Fund owned about 0.07% of Avnet as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Renaissance Technologies LLC increased its holdings in Avnet by 420.3% in the first quarter. Renaissance Technologies LLC now owns 82,200 shares of the company’s stock valued at $5,065,000 after purchasing an additional 66,400 shares during the last quarter. Caxton Associates LLP increased its stake in shares of Avnet by 0.6% in the 1st quarter. Caxton Associates LLP now owns 37,858 shares of the company’s stock valued at $2,333,000 after acquiring an additional 244 shares during the last quarter. Inceptionr LLC acquired a new stake in shares of Avnet in the 1st quarter valued at approximately $762,000. Bank of Nova Scotia boosted its stake in Avnet by 220.3% during the 1st quarter. Bank of Nova Scotia now owns 104,100 shares of the company’s stock worth $6,415,000 after acquiring an additional 71,600 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Avnet by 44.1% during the first quarter. Sei Investments Co. now owns 757,629 shares of the company’s stock valued at $46,685,000 after purchasing an additional 231,977 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Trading Up 3.8%

NASDAQ AVT opened at $86.80 on Friday. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $95.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 2.01. The stock’s 50 day moving average price is $87.54 and its two-hundred day moving average price is $73.85. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 0.26 and a beta of 1.09.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.15. The company had revenue of $7.12 billion for the quarter, compared to the consensus estimate of $6.45 billion. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The firm’s revenue was up 34.0% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. As a group, analysts anticipate that Avnet, Inc. will post 5.12 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.6%. The ex-dividend date was Wednesday, June 3rd. Avnet’s payout ratio is presently 54.47%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVT shares. Zacks Research lowered shares of Avnet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Wells Fargo & Company increased their price target on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Weiss Ratings cut Avnet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Finally, Bank of America raised Avnet from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $66.00 to $96.00 in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Avnet has an average rating of “Hold” and an average price target of $89.50.

Insider Buying and Selling

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the sale, the chief executive officer directly owned 145,003 shares of the company’s stock, valued at $12,023,648.76. The trade was a 14.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.90% of the stock is owned by company insiders.

Avnet Company Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.