Sherbrooke Park Advisers LLC Has $1.24 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

Sherbrooke Park Advisers LLC grew its position in Avnet, Inc. (NASDAQ:AVT) by 18.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,649 shares of the company’s stock after purchasing an additional 3,757 shares during the quarter. Avnet comprises approximately 0.4% of Sherbrooke Park Advisers LLC’s investment portfolio, making the stock its 24th biggest position. Sherbrooke Park Advisers LLC’s holdings in Avnet were worth $1,237,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVT. Redwood Investment Management LLC bought a new position in shares of Avnet during the fourth quarter worth approximately $3,665,000. Quantinno Capital Management LP increased its stake in Avnet by 21.4% during the 4th quarter. Quantinno Capital Management LP now owns 116,847 shares of the company’s stock worth $6,113,000 after acquiring an additional 20,629 shares during the period. Nomura Holdings Inc. acquired a new position in Avnet in the 4th quarter valued at $604,000. Occudo Quantitative Strategies LP bought a new stake in shares of Avnet during the 4th quarter valued at $1,009,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Avnet by 227.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,392 shares of the company’s stock worth $4,939,000 after purchasing an additional 65,522 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

AVT stock opened at $51.59 on Friday. The firm has a market cap of $4.33 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $48.00 and a 200-day moving average price of $51.15. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24.

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

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Wednesday, June 4th. Avnet’s payout ratio is presently 36.97%.

Insider Activity at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the transaction, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on AVT shares. Wells Fargo & Company dropped their price target on Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Truist Financial reduced their price objective on Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st.

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.