Ethic Inc. Raises Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Ethic Inc. increased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 72.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,244 shares of the company’s stock after purchasing an additional 8,115 shares during the quarter. Ethic Inc.’s holdings in Avnet were worth $1,007,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GeoWealth Management LLC purchased a new position in shares of Avnet in the fourth quarter worth about $31,000. Synergy Investment Management LLC purchased a new position in shares of Avnet in the fourth quarter worth about $38,000. Natixis raised its stake in shares of Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company’s stock worth $38,000 after purchasing an additional 688 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock worth $50,000 after purchasing an additional 827 shares during the last quarter. Finally, Principal Securities Inc. raised its stake in shares of Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after purchasing an additional 211 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Up 0.1%

Avnet stock opened at $52.37 on Wednesday. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The business’s 50-day moving average price is $47.93 and its 200 day moving average price is $51.17. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

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 firm had revenue of $5.32 billion for 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 earnings per share. As a group, sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is 36.97%.

Insider Buying and Selling

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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVT. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial reduced their price objective on Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Finally, Wells Fargo & Company reduced their price objective on Avnet from $45.00 to $43.00 and set an “underweight” rating for the company 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.