Park Avenue Securities LLC Purchases 283 Shares of Avnet, Inc. (NASDAQ:AVT)

Park Avenue Securities LLC lifted its position in shares of Avnet, Inc. (NASDAQ:AVT) by 5.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,267 shares of the company’s stock after purchasing an additional 283 shares during the quarter. Park Avenue Securities LLC’s holdings in Avnet were worth $261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVT. Rise Advisors LLC bought a new position in shares of Avnet during the first quarter worth $29,000. Venturi Wealth Management LLC boosted its position in shares of 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 purchasing an additional 208 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in shares of Avnet during the fourth quarter worth $40,000. GAMMA Investing LLC acquired a new stake in shares of Avnet during the fourth quarter worth $63,000. Finally, Quadrant Capital Group LLC raised its holdings in shares of Avnet by 40.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after acquiring an additional 420 shares during the period. 95.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Truist Financial dropped 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 equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Avnet has an average rating of “Hold” and a consensus target price of $45.00.

Avnet Trading Down 1.5 %

Shares of NASDAQ:AVT opened at $50.72 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.46. The company’s fifty day simple moving average is $52.36 and its 200 day simple moving average is $49.19. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 8.21 and a beta of 1.16.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results 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). 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 in the previous year, the firm posted $2.00 earnings per share. The firm’s quarterly revenue was down 13.2% on a year-over-year basis. As a group, research analysts forecast that Avnet, Inc. will post 5.06 EPS 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 paid a $0.31 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.24 annualized dividend and a yield of 2.44%. Avnet’s payout ratio is currently 20.06%.

Insider Buying and Selling at Avnet

In other news, Director Carlo Bozotti sold 9,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $54.40, for a total transaction of $489,600.00. Following the transaction, the director now directly owns 11,578 shares in the company, 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. In related news, CEO Philip R. Gallagher sold 19,532 shares of Avnet 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 approximately $7,269,090.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,532 shares of company stock worth $3,544,957. Insiders own 1.30% of the company’s stock.

Avnet 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.