Lecap Asset Management Ltd. Purchases New Position in Avnet, Inc. (NASDAQ:AVT)

Lecap Asset Management Ltd. purchased a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,489 shares of the company’s stock, valued at approximately $1,130,000.

Several other institutional investors and hedge funds also recently made changes to their positions in AVT. Legacy Advisors LLC bought a new stake in shares of Avnet in the first quarter worth approximately $26,000. GeoWealth Management LLC purchased a new position in shares of Avnet during the fourth quarter valued at approximately $31,000. Synergy Investment Management LLC purchased a new position in shares of Avnet during the fourth quarter valued at approximately $38,000. Natixis raised its holdings in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company’s stock valued at $38,000 after purchasing an additional 688 shares during the last quarter. Finally, Curat Global LLC purchased a new position in shares of Avnet during the first quarter valued at approximately $42,000. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Down 0.5%

Shares of Avnet stock opened at $52.08 on Thursday. The company’s fifty day simple moving average is $50.54 and its 200-day simple moving average is $50.42. The stock has a market capitalization of $4.37 billion, a PE ratio of 14.59, a P/E/G ratio of 1.76 and a beta of 1.02. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.12. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The company’s revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.10 EPS. As a group, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.53%. Avnet’s payout ratio is currently 36.97%.

Insiders Place Their Bets

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the business’s 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 directly owns 14,626 shares in the company, valued at $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AVT. Truist Financial reduced their price objective on Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company reduced 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.

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.