CreativeOne Wealth LLC Purchases 993 Shares of Avnet, Inc. (NASDAQ:AVT)

CreativeOne Wealth LLC lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 17.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,752 shares of the company’s stock after buying an additional 993 shares during the quarter. CreativeOne Wealth LLC’s holdings in Avnet were worth $335,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of AVT. Rise Advisors LLC acquired a new stake in shares of Avnet during the first quarter worth $29,000. Venturi Wealth Management LLC boosted its holdings in Avnet by 46.5% in the 4th quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after purchasing an additional 208 shares during the period. Hexagon Capital Partners LLC grew its position in shares of Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after purchasing an additional 824 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Avnet during the 4th quarter worth approximately $63,000. Finally, Quadrant Capital Group LLC increased its holdings in shares of Avnet by 40.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after purchasing an additional 420 shares during the period. 95.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Avnet Price Performance

AVT traded up $1.00 on Friday, reaching $52.84. The stock had a trading volume of 486,420 shares, compared to its average volume of 571,017. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 8.55 and a beta of 1.16. Avnet, Inc. has a fifty-two week low of $42.67 and a fifty-two week high of $55.46. The firm has a 50-day moving average of $52.94 and a 200-day moving average of $49.56.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The business 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 company’s revenue was down 13.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.00 earnings per share. As a group, sell-side analysts anticipate that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP Ken E. Arnold sold 8,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Ken E. Arnold sold 8,000 shares of the firm’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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip R. Gallagher sold 19,532 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the completion of the sale, the chief executive officer now directly owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,532 shares of company stock worth $3,544,957. 1.30% of the stock is currently owned by insiders.

About Avnet

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.