New England Research & Management Inc. Sells 1,050 Shares of Avnet, Inc. (NASDAQ:AVT)

New England Research & Management Inc. lessened its holdings in Avnet, Inc. (NASDAQ:AVT) by 12.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,250 shares of the company’s stock after selling 1,050 shares during the quarter. New England Research & Management Inc.’s holdings in Avnet were worth $359,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Rise Advisors LLC bought a new stake in Avnet during the first quarter worth $29,000. Venturi Wealth Management LLC raised its position in Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after acquiring an additional 208 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in Avnet during the fourth quarter worth $40,000. GAMMA Investing LLC bought a new stake in Avnet during the fourth quarter worth $63,000. Finally, Quadrant Capital Group LLC increased its holdings in shares of Avnet by 40.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock valued at $73,000 after purchasing an additional 420 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Insider Activity at Avnet

In related news, SVP Ken E. Arnold sold 8,000 shares of the company’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 transaction, the senior vice president now directly owns 40,239 shares in the company, valued at $2,186,587.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Philip R. Gallagher sold 19,532 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the completion of the sale, the chief executive officer now owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ken E. Arnold sold 8,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total transaction of $434,720.00. Following the sale, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,532 shares of company stock worth $3,544,957. Corporate insiders own 1.30% of the company’s stock.

Avnet Price Performance

NASDAQ:AVT opened at $51.49 on Friday. Avnet, Inc. has a one year low of $42.67 and a one year high of $55.46. The company has a market cap of $4.65 billion, a P/E ratio of 8.33 and a beta of 1.19. The firm’s fifty day moving average price is $52.29 and its two-hundred day moving average price is $49.17. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05.

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

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were paid a $0.31 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.41%. Avnet’s dividend payout ratio (DPR) is presently 20.06%.

Analysts Set New Price Targets

Separately, Truist Financial decreased their price objective on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. Two 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, the company presently has an average rating of “Hold” and a consensus target price of $45.00.

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.