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

Quantinno Capital Management LP increased its holdings in Avnet, Inc. (NASDAQ:AVT) by 28.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 359,284 shares of the company’s stock after purchasing an additional 78,851 shares during the period. Quantinno Capital Management LP owned approximately 0.44% of Avnet worth $22,139,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Summit Securities Group LLC purchased a new position in Avnet in the 4th quarter worth $28,000. BOKF NA boosted its position in Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company’s stock valued at $31,000 after buying an additional 536 shares during the period. Hantz Financial Services Inc. grew its stake in shares of Avnet by 62.0% during the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock valued at $41,000 after buying an additional 326 shares during the last quarter. Clearstead Advisors LLC grew its stake in shares of Avnet by 123.7% during the fourth quarter. Clearstead Advisors LLC now owns 1,385 shares of the company’s stock valued at $67,000 after buying an additional 766 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Avnet during the fourth quarter valued at about $90,000. Institutional investors own 95.78% of the company’s stock.

Insiders Place Their Bets

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the 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 completion of the sale, the chief executive officer owned 145,003 shares in the company, valued at approximately $12,023,648.76. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AVT. Weiss Ratings lowered Avnet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Zacks Research lowered Avnet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Truist Financial lifted their price target on Avnet to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price objective on shares of Avnet in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $89.50.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $88.84 on Friday. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 34.57, a price-to-earnings-growth ratio of 0.28 and a beta of 1.09. The company has a 50-day moving average price of $87.60 and a 200-day moving average price of $73.95. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 0.50. Avnet, Inc. has a 12 month low of $44.25 and a 12 month high of $95.26.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.15. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The company had revenue of $7.12 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the firm earned $0.84 earnings per share. Avnet’s quarterly revenue was up 34.0% on a year-over-year basis. As a group, equities analysts anticipate that Avnet, Inc. will post 5.12 EPS for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.35 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a yield of 1.6%. Avnet’s dividend payout ratio (DPR) is 54.47%.

Avnet Company 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.