Css LLC Il Invests $510,000 in Avnet, Inc. (NASDAQ:AVT)

Css LLC Il purchased a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 9,752 shares of the company’s stock, valued at approximately $510,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its holdings in Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after purchasing an additional 2,816,889 shares in the last quarter. Norges Bank purchased a new position in shares of Avnet during the 4th quarter worth approximately $52,924,000. Woodline Partners LP acquired a new stake in shares of Avnet in the 4th quarter valued at approximately $38,097,000. Raymond James Financial Inc. acquired a new stake in shares of Avnet in the 4th quarter valued at approximately $32,676,000. Finally, Bank of America Corp DE boosted its stake in shares of 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 buying an additional 421,098 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the transaction, the vice president now directly owns 14,626 shares in the company, valued at $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Avnet Price Performance

Shares of NASDAQ:AVT opened at $50.04 on Thursday. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The business’s 50 day simple moving average is $48.29 and its 200-day simple moving average is $51.04. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24.

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

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Wednesday, June 4th. Avnet’s payout ratio is currently 36.97%.

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.