Quantinno Capital Management LP Buys 78,851 Shares of Avnet, Inc. $AVT

Quantinno Capital Management LP lifted its stake in Avnet, Inc. (NASDAQ:AVT) by 28.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 359,284 shares of the company’s stock after purchasing an additional 78,851 shares during the period. Quantinno Capital Management LP’s holdings in Avnet were worth $22,139,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Avnet during the fourth quarter valued at about $62,393,000. AQR Capital Management LLC raised its stake in Avnet by 30.7% in the fourth quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company’s stock worth $142,394,000 after buying an additional 695,929 shares in the last quarter. Jain Global LLC purchased a new stake in Avnet in the fourth quarter worth about $18,873,000. Loews Corp lifted its holdings in Avnet by 258.3% in the fourth quarter. Loews Corp now owns 430,000 shares of the company’s stock worth $20,674,000 after buying an additional 310,000 shares during the period. Finally, Millennium Management LLC boosted its position in Avnet by 75.3% during the 4th quarter. Millennium Management LLC now owns 654,695 shares of the company’s stock valued at $31,478,000 after acquiring an additional 281,273 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Up 2.4%

Shares of NASDAQ AVT opened at $88.84 on Friday. Avnet, Inc. has a 1 year low of $44.25 and a 1 year high of $95.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05. The firm has a 50-day moving average of $87.60 and a 200 day moving average of $73.95. The stock has a market cap of $7.29 billion, a P/E ratio of 34.57, a price-to-earnings-growth ratio of 0.28 and a beta of 1.09.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The business had revenue of $7.12 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the company earned $0.84 earnings per share. The business’s revenue was up 34.0% compared to the same quarter last year. As a group, sell-side analysts expect that Avnet, Inc. will post 5.12 EPS for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Wednesday, June 3rd. Avnet’s payout ratio is currently 54.47%.

Insider Buying and Selling at Avnet

In related news, CEO Philip R. Gallagher sold 23,920 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the sale, the chief executive officer owned 145,003 shares in the company, valued at $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on AVT. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th. Truist Financial raised their target price on Avnet to $95.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Raymond James Financial restated a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a research report on Thursday, April 30th. Weiss Ratings lowered Avnet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Finally, Wells Fargo & Company upped their price target on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Avnet currently has a consensus rating of “Hold” and a consensus price target of $89.50.

Avnet Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.