Assenagon Asset Management S.A. Purchases 6,422 Shares of Avnet, Inc. (NASDAQ:AVT)

Assenagon Asset Management S.A. grew its position in shares of Avnet, Inc. (NASDAQ:AVT) by 14.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,763 shares of the company’s stock after buying an additional 6,422 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Avnet worth $2,393,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in AVT. Norges Bank bought a new position in Avnet during the 4th quarter worth $52,924,000. Woodline Partners LP acquired a new position in Avnet in the fourth quarter valued at about $38,097,000. Raymond James Financial Inc. acquired a new position in Avnet in the fourth quarter valued at about $32,676,000. Bank of America Corp DE raised its stake in Avnet by 149.9% in the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company’s stock valued at $36,726,000 after purchasing an additional 421,098 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company’s stock valued at $46,875,000 after purchasing an additional 180,134 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 2.0%

Avnet stock opened at $51.51 on Tuesday. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The firm’s fifty day moving average is $49.78 and its 200 day moving average is $50.53. The company has a market capitalization of $4.32 billion, a PE ratio of 14.59, a PEG ratio of 1.13 and a beta of 1.02.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The business’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 EPS. As a group, sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.56%. Avnet’s dividend payout ratio (DPR) is currently 36.97%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVT. Wells Fargo & Company decreased their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. Truist Financial decreased their target price on Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st.

Insiders Place Their Bets

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president now owns 14,626 shares in the company, valued at $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.50% 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.