Peak Retirement Planning Inc. Purchases New Holdings in Avnet, Inc. (NASDAQ:AVT)

Peak Retirement Planning Inc. acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,286 shares of the company’s stock, valued at approximately $957,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Public Employees Retirement System of Ohio bought a new stake in Avnet in the fourth quarter worth $1,560,000. Vise Technologies Inc. increased its holdings in shares of Avnet by 26.5% during the fourth quarter. Vise Technologies Inc. now owns 17,088 shares of the company’s stock valued at $894,000 after acquiring an additional 3,575 shares in the last quarter. CSS LLC IL purchased a new position in shares of Avnet in the 4th quarter worth about $510,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Avnet by 16.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 337,314 shares of the company’s stock worth $17,648,000 after purchasing an additional 48,770 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in Avnet by 137.0% in the 4th quarter. Voloridge Investment Management LLC now owns 270,713 shares of the company’s stock worth $14,164,000 after purchasing an additional 156,508 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 0.9%

Avnet stock opened at $49.72 on Friday. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The business’s fifty day moving average is $48.35 and its 200 day moving average is $50.98. The stock has a market capitalization of $4.17 billion, a PE ratio of 14.08, 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.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) 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 business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the prior year, the business earned $1.10 EPS. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. On average, sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Wednesday, June 4th. Avnet’s dividend payout ratio is currently 36.97%.

Insiders Place Their Bets

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

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.