Alaska Permanent Fund Corp Grows Holdings in Avnet, Inc. (NASDAQ:AVT)

Alaska Permanent Fund Corp grew its stake in Avnet, Inc. (NASDAQ:AVTFree Report) by 6.6% during the first quarter, HoldingsChannel.com reports. The firm owned 53,899 shares of the company’s stock after purchasing an additional 3,321 shares during the period. Alaska Permanent Fund Corp’s holdings in Avnet were worth $2,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in shares of Avnet during the 1st quarter worth approximately $29,000. First Hawaiian Bank increased its holdings in shares of Avnet by 4.3% in the 1st quarter. First Hawaiian Bank now owns 37,918 shares of the company’s stock worth $1,880,000 after acquiring an additional 1,556 shares during the period. Kapitalo Investimentos Ltda acquired a new position in Avnet during the 4th quarter valued at about $324,000. Oracle Alpha Inc. bought a new position in Avnet in the 4th quarter worth about $429,000. Finally, Caxton Associates LP increased its stake in shares of Avnet by 106.5% in the fourth quarter. Caxton Associates LP now owns 54,756 shares of the company’s stock valued at $2,760,000 after purchasing an additional 28,243 shares during the period. 95.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Truist Financial decreased their price objective on Avnet from $49.00 to $48.00 and set a “hold” rating for the company 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. According to data from MarketBeat, Avnet presently has an average rating of “Hold” and a consensus target price of $45.00.

Check Out Our Latest Analysis on Avnet

Insider Buying and Selling at Avnet

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 completion of the sale, the director now directly owns 11,578 shares in the company, valued at $629,843.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Avnet news, Director Carlo Bozotti sold 9,000 shares of the business’s 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 owns 11,578 shares in the company, valued at approximately $629,843.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the transaction, the senior vice president now directly owns 40,239 shares in the company, valued at $2,186,587.26. The disclosure for this sale can be found here. In the last three months, insiders sold 66,532 shares of company stock valued at $3,544,957. 1.30% of the stock is owned by insiders.

Avnet Price Performance

Avnet stock traded down $0.54 during trading hours on Thursday, hitting $52.31. 233,802 shares of the company traded hands, compared to its average volume of 599,025. The firm’s 50-day simple moving average is $51.62 and its two-hundred day simple moving average is $48.95. The firm has a market cap of $4.73 billion, a P/E ratio of 8.55 and a beta of 1.19. Avnet, Inc. has a 1-year low of $42.67 and a 1-year high of $55.46. 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 (NASDAQ:AVTGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. Avnet’s revenue was down 13.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.00 EPS. As a group, analysts forecast that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Wednesday, June 5th. Avnet’s payout ratio is currently 20.06%.

Avnet Company Profile

(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.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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