US Bancorp DE Has $649,000 Stock Position in Avnet, Inc. (NASDAQ:AVT)

US Bancorp DE grew its position in Avnet, Inc. (NASDAQ:AVTFree Report) by 31.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,881 shares of the company’s stock after purchasing an additional 3,082 shares during the period. US Bancorp DE’s holdings in Avnet were worth $649,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Franklin Resources Inc. lifted its stake in shares of Avnet by 26.1% in the 4th quarter. Franklin Resources Inc. now owns 62,604 shares of the company’s stock valued at $3,155,000 after purchasing an additional 12,962 shares during the last quarter. Brandes Investment Partners LP bought a new stake in shares of Avnet during the 4th quarter worth about $293,000. CreativeOne Wealth LLC acquired a new position in shares of Avnet during the 4th quarter valued at about $291,000. Quest Partners LLC bought a new position in shares of Avnet in the 4th quarter valued at approximately $675,000. Finally, Corient Private Wealth LLC lifted its holdings in Avnet by 26.7% in the 4th quarter. Corient Private Wealth LLC now owns 36,960 shares of the company’s stock worth $1,863,000 after purchasing an additional 7,799 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total value of $1,612,200.00. Following the completion of the transaction, the chief executive officer now owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Carlo Bozotti sold 9,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the sale, the director now owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Philip R. Gallagher sold 30,000 shares of Avnet stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the transaction, the chief executive officer now directly owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,532 shares of company stock worth $3,110,237. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Truist Financial dropped their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, Avnet has a consensus rating of “Hold” and an average price target of $45.00.

Check Out Our Latest Analysis on AVT

Avnet Price Performance

NASDAQ AVT opened at $53.71 on Friday. The stock has a 50-day simple moving average of $50.84 and a 200 day simple moving average of $48.56. Avnet, Inc. has a twelve month low of $42.67 and a twelve month high of $55.46. The stock has a market capitalization of $4.85 billion, a PE ratio of 8.69 and a beta of 1.19. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33.

Avnet (NASDAQ:AVTGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the firm earned $2.00 earnings per share. The business’s quarterly revenue was down 13.2% on a year-over-year basis. Research analysts anticipate that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Wednesday, June 5th. Avnet’s dividend payout ratio is currently 20.06%.

Avnet Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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