Avnet, Inc. (NASDAQ:AVT) SVP Sells $434,720.00 in Stock

Avnet, Inc. (NASDAQ:AVT) SVP Ken E. Arnold sold 8,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the transaction, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Avnet Stock Performance

AVT stock opened at $52.20 on Friday. The company has a 50-day simple moving average of $51.37 and a 200 day simple moving average of $48.83. The company has a market capitalization of $4.72 billion, a P/E ratio of 8.45 and a beta of 1.19. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.46.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.00 earnings per share. Sell-side analysts predict that Avnet, Inc. will post 5.06 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Wednesday, June 5th. Avnet’s dividend payout ratio (DPR) is presently 20.06%.

Analyst Upgrades and Downgrades

Separately, Truist Financial cut their price target on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.00.

Institutional Investors Weigh In On Avnet

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Rise Advisors LLC acquired a new stake in shares of Avnet during the first quarter worth $29,000. Venturi Wealth Management LLC grew its position in Avnet by 46.5% during the 4th quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after purchasing an additional 208 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in Avnet during the 4th quarter worth approximately $40,000. Hexagon Capital Partners LLC raised its stake in Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after purchasing an additional 824 shares during the period. Finally, GAMMA Investing LLC purchased a new stake in shares of Avnet in the fourth quarter valued at $63,000. 95.78% of the stock is currently owned by institutional investors.

Avnet Company 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.