Avantax Planning Partners Inc. Has $220,000 Position in Avnet, Inc. (NASDAQ:AVT)

by · The Markets Daily

Avantax Planning Partners Inc. lessened its holdings in Avnet, Inc. (NASDAQ:AVT – Free Report) by 10.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,366 shares of the company’s stock after selling 512 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Avnet were worth $220,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AVT. Venturi Wealth Management LLC raised its holdings in 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 purchasing an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Avnet in the 4th quarter valued at $40,000. GAMMA Investing LLC bought a new stake in shares of Avnet in the 4th quarter valued at $63,000. Quadrant Capital Group LLC increased its stake 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 valued at $73,000 after acquiring an additional 420 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of Avnet by 19.1% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock valued at $79,000 after acquiring an additional 265 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AVT shares. Truist Financial lowered their price objective on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. The Goldman Sachs Group lowered their price objective on shares of Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a research note on Thursday, February 1st. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.00.

Check Out Our Latest Research Report on AVT

Avnet Stock Performance

Shares of NASDAQ:AVT traded up $0.97 during midday trading on Friday, reaching $54.95. The company had a trading volume of 781,987 shares, compared to its average volume of 693,008. The company’s 50 day moving average price is $49.68 and its 200 day moving average price is $48.10. 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 stock has a market cap of $4.97 billion, a P/E ratio of 8.89 and a beta of 1.21. Avnet, Inc. has a 52-week low of $42.42 and a 52-week high of $55.00.

Avnet (NASDAQ:AVT – Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the firm posted $2.00 earnings per share. The company’s revenue was down 13.2% on a year-over-year basis. As a group, sell-side analysts anticipate 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 will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Wednesday, June 5th. Avnet’s dividend payout ratio is currently 20.06%.

Insider Activity at Avnet

In other news, Director Carlo Bozotti sold 9,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the sale, the director now directly owns 11,578 shares in the company, valued at $629,843.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Philip R. Gallagher sold 19,532 shares of the business’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 transaction, the chief executive officer now owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlo Bozotti sold 9,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the transaction, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

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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