GAMMA Investing LLC Acquires Shares of 1,241 Avnet, Inc. (NASDAQ:AVT)

GAMMA Investing LLC acquired a new stake in Avnet, Inc. (NASDAQ:AVT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,241 shares of the company’s stock, valued at approximately $63,000.

Other hedge funds also recently bought and sold shares of the company. CWM LLC grew its position in shares of Avnet by 330.2% during the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after buying an additional 492 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of Avnet by 46.5% in the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after purchasing an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Avnet in the fourth quarter worth about $40,000. Parkside Financial Bank & Trust raised its stake in shares of Avnet by 19.1% in the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock worth $79,000 after purchasing an additional 265 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Avnet by 25.4% in the fourth quarter. Blue Trust Inc. now owns 2,269 shares of the company’s stock worth $109,000 after purchasing an additional 459 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Down 1.6 %

Shares of AVT stock opened at $48.07 on Thursday. The stock has a 50 day moving average of $47.77 and a 200 day moving average of $47.37. The company has a current ratio of 2.34, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. The stock has a market cap of $4.34 billion, a P/E ratio of 6.64, a P/E/G ratio of 0.66 and a beta of 1.24. Avnet, Inc. has a twelve month low of $40.00 and a twelve month high of $51.65.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). The company had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a net margin of 2.62% and a return on equity of 13.60%. The firm’s revenue was down 13.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.00 earnings per share. As a group, sell-side analysts expect that Avnet, Inc. will post 5.25 EPS for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.58%. The ex-dividend date was Tuesday, March 5th. Avnet’s payout ratio is currently 17.13%.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group reduced their price objective on Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.50.

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.