Avnet, Inc. (NASDAQ:AVT) Shares Bought by Blue Trust Inc.

Blue Trust Inc. grew its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 10.5% during the first quarter, Holdings Channel.com reports. The firm owned 3,812 shares of the company’s stock after buying an additional 361 shares during the quarter. Blue Trust Inc.’s holdings in Avnet were worth $183,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Global X Japan Co. Ltd. acquired a new position in Avnet during the first quarter worth about $46,000. State of Alaska Department of Revenue boosted its holdings in shares of Avnet by 9.0% during the first quarter. State of Alaska Department of Revenue now owns 57,671 shares of the company’s stock worth $2,773,000 after purchasing an additional 4,759 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Avnet during the first quarter worth approximately $207,000. New England Research & Management Inc. acquired a new stake in shares of Avnet during the 1st quarter valued at about $299,000. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of Avnet by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company’s stock valued at $731,000 after buying an additional 279 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $52.33 on Wednesday. The business’s fifty day moving average price is $50.43 and its two-hundred day moving average price is $50.40. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. 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 posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The business’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.10 earnings per share. As a group, analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was 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 business’s stock in a transaction on 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. 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 hyperlink. Insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AVT shares. Truist Financial reduced their target price on Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Wells Fargo & Company lowered their price objective on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock 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.