576 Shares in Avnet, Inc. (NASDAQ:AVT) Acquired by Rise Advisors LLC

Rise Advisors LLC 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 & Exchange Commission. The firm acquired 576 shares of the company’s stock, valued at approximately $29,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. First Hawaiian Bank raised its position in Avnet by 4.3% in the first quarter. First Hawaiian Bank now owns 37,918 shares of the company’s stock valued at $1,880,000 after purchasing an additional 1,556 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in Avnet in the fourth quarter valued at $324,000. Oracle Alpha Inc. purchased a new stake in Avnet in the fourth quarter valued at $429,000. Caxton Associates LP raised its position in Avnet by 106.5% in the fourth quarter. Caxton Associates LP now owns 54,756 shares of the company’s stock valued at $2,760,000 after purchasing an additional 28,243 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of Avnet by 26.5% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 484,765 shares of the company’s stock valued at $24,432,000 after buying an additional 101,700 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 1.0 %

AVT opened at $52.31 on Friday. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.46. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of 8.46 and a beta of 1.19. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. The business has a fifty day moving average price of $51.62 and a 200 day moving average price of $48.95.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The business had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm’s quarterly revenue was down 13.2% on a year-over-year basis. During the same period last year, the firm earned $2.00 earnings per share. Sell-side analysts expect that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Wednesday, June 5th. Avnet’s dividend payout ratio (DPR) is 20.06%.

Wall Street Analysts Forecast Growth

Separately, Truist Financial dropped their price objective on Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Avnet has an average rating of “Hold” and a consensus price target of $45.00.

Insiders Place Their Bets

In other Avnet news, Director Carlo Bozotti sold 9,000 shares of Avnet stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the completion of the sale, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Carlo Bozotti sold 9,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the completion of the sale, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ken E. Arnold sold 8,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the sale, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The disclosure for this sale can be found here. Insiders sold 66,532 shares of company stock valued at $3,544,957 in the last ninety days. Insiders own 1.30% of the company’s stock.

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.