Hexagon Capital Partners LLC Buys 824 Shares of Avnet, Inc. (NASDAQ:AVT)

Hexagon Capital Partners LLC boosted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 1,113.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 898 shares of the company’s stock after purchasing an additional 824 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Avnet were worth $45,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HighTower Advisors LLC increased its position in shares of Avnet by 6.3% during the third quarter. HighTower Advisors LLC now owns 6,248 shares of the company’s stock worth $299,000 after purchasing an additional 372 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Avnet by 42.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 137,166 shares of the company’s stock valued at $6,610,000 after buying an additional 41,094 shares in the last quarter. Hsbc Holdings PLC raised its stake in Avnet by 332.3% in the third quarter. Hsbc Holdings PLC now owns 17,914 shares of the company’s stock valued at $867,000 after buying an additional 13,770 shares during the last quarter. Mariner LLC boosted its holdings in Avnet by 32.1% in the third quarter. Mariner LLC now owns 27,316 shares of the company’s stock worth $1,316,000 after acquiring an additional 6,630 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Avnet by 17.7% during the third quarter. Tower Research Capital LLC TRC now owns 12,840 shares of the company’s stock worth $619,000 after acquiring an additional 1,929 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Insider Transactions at Avnet

In related news, CEO Philip R. Gallagher sold 30,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the transaction, the chief executive officer now directly owns 139,709 shares in the company, valued at $7,507,961.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Philip R. Gallagher sold 30,000 shares of Avnet stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the transaction, the chief executive officer now directly owns 139,709 shares in the company, valued at $7,507,961.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Philip R. Gallagher sold 19,532 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $51.63, for a total value of $1,008,437.16. Following the completion of the sale, the chief executive officer now owns 140,792 shares in the company, valued at approximately $7,269,090.96. The disclosure for this sale can be found here. Insiders have sold 66,532 shares of company stock worth $3,544,957 over the last 90 days. 1.30% of the stock is currently owned by company insiders.

Avnet Stock Performance

Shares of AVT stock opened at $50.72 on Tuesday. The business has a fifty day moving average of $52.36 and a 200 day moving average of $49.19. Avnet, Inc. has a 1 year low of $42.67 and a 1 year high of $55.46. 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 firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of 8.21 and a beta of 1.16.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). The firm had revenue of $5.65 billion during 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 company’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.00 earnings per share. As a group, research analysts expect that Avnet, Inc. will post 5.06 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Wednesday, June 5th. Avnet’s dividend payout ratio (DPR) is currently 20.06%.

Wall Street Analyst Weigh In

Separately, Truist Financial decreased their price objective on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.