US Bancorp DE Grows Stock Position in Avnet, Inc. (NASDAQ:AVT)

US Bancorp DE boosted its position in Avnet, Inc. (NASDAQ:AVTFree Report) by 31.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,881 shares of the company’s stock after buying an additional 3,082 shares during the period. US Bancorp DE’s holdings in Avnet were worth $649,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Avnet by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after buying an additional 135,171 shares in the last quarter. Pzena Investment Management LLC raised its position in Avnet by 0.5% in the third quarter. Pzena Investment Management LLC now owns 8,730,260 shares of the company’s stock worth $420,711,000 after acquiring an additional 42,234 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Avnet by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock valued at $315,175,000 after acquiring an additional 157,709 shares during the period. Greenhaven Associates Inc. boosted its position in shares of Avnet by 1.7% during the 4th quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company’s stock worth $193,274,000 after purchasing an additional 62,710 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Avnet by 51.2% during the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock worth $73,306,000 after purchasing an additional 515,095 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Price Performance

Shares of NASDAQ AVT opened at $53.71 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $50.84 and its 200 day moving average price is $48.56. Avnet, Inc. has a 52 week low of $42.67 and a 52 week high of $55.46. The stock has a market cap of $4.85 billion, a price-to-earnings ratio of 8.69 and a beta of 1.19.

Avnet (NASDAQ:AVTGet Free Report) 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 in the prior year, the company earned $2.00 earnings per share. The firm’s revenue for the quarter was down 13.2% compared to the same quarter last year. As a group, research analysts forecast that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be issued a $0.31 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.31%. Avnet’s dividend payout ratio (DPR) is 20.06%.

Analyst Ratings Changes

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 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, Avnet has an average rating of “Hold” and an average target price of $45.00.

View Our Latest Analysis on Avnet

Insider Activity

In related 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 owns 11,578 shares in the company, valued at approximately $629,843.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Carlo Bozotti sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $54.40, for a total transaction of $489,600.00. Following the sale, the director now owns 11,578 shares in the company, valued at $629,843.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $1,612,200.00. Following the completion of the transaction, the chief executive officer now owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The disclosure for this sale can be found here. Insiders have sold 58,532 shares of company stock worth $3,110,237 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

About Avnet

(Free Report)

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.

Read More

Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet, Inc. (NASDAQ:AVTFree Report).

Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.