Avnet, Inc. (NASDAQ:AVT) Shares Purchased by First Hawaiian Bank

First Hawaiian Bank raised its position in shares of Avnet, Inc. (NASDAQ:AVT) by 4.3% in the first quarter, HoldingsChannel reports. The firm owned 37,918 shares of the company’s stock after acquiring an additional 1,556 shares during the period. First Hawaiian Bank’s holdings in Avnet were worth $1,880,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVT. Venturi Wealth Management LLC raised its position in shares of 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 buying an additional 208 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Avnet in the 4th quarter worth approximately $40,000. GAMMA Investing LLC bought a new stake in shares of Avnet in the 4th quarter worth approximately $63,000. Quadrant Capital Group LLC raised its holdings in shares of Avnet by 40.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after purchasing an additional 420 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position 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 acquiring an additional 265 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Up 0.3 %

AVT traded up $0.18 on Wednesday, reaching $52.85. 656,279 shares of the company traded hands, compared to its average volume of 615,129. The stock’s 50 day moving average price is $51.52 and its 200-day moving average price is $48.92. Avnet, Inc. has a 52-week low of $42.67 and a 52-week high of $55.46. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 8.55 and a beta of 1.19. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05.

Avnet (NASDAQ:AVT) last posted its 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 revenue was down 13.2% on a year-over-year basis. On average, sell-side analysts expect that Avnet, Inc. will post 5.06 EPS for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Wednesday, June 5th. Avnet’s payout ratio is 20.06%.

Insider Transactions at Avnet

In related news, SVP Ken E. Arnold sold 8,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the transaction, the senior vice president now directly owns 40,239 shares in the company, valued at approximately $2,186,587.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the transaction, the senior vice president now owns 40,239 shares in the company, valued at approximately $2,186,587.26. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total transaction 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 disclosure for this sale can be found here. Over the last three months, insiders sold 66,532 shares of company stock worth $3,544,957. 1.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Truist Financial dropped their target price 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 analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, Avnet presently has a consensus rating of “Hold” and an average target price of $45.00.

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.