Avnet, Inc. (NASDAQ:AVT) Shares Bought by Islay Capital Management LLC

Islay Capital Management LLC raised its holdings in Avnet, Inc. (NASDAQ:AVT) by 51.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 20,379 shares of the company’s stock after buying an additional 6,929 shares during the quarter. Islay Capital Management LLC’s holdings in Avnet were worth $1,027,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. CWM LLC increased its position in shares of Avnet by 330.2% in the third quarter. CWM LLC now owns 641 shares of the company’s stock valued at $31,000 after buying an additional 492 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Avnet by 46.5% in the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after buying an additional 208 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Avnet in the fourth quarter valued at $40,000. GAMMA Investing LLC purchased a new stake in Avnet during the 4th quarter worth about $63,000. Finally, Parkside Financial Bank & Trust increased its position in Avnet by 19.1% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock worth $79,000 after purchasing an additional 265 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group dropped their price objective on Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a research report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $45.50.

Avnet Price Performance

Avnet stock traded down $0.54 during midday trading on Tuesday, reaching $49.42. 761,353 shares of the company were exchanged, compared to its average volume of 572,815. The firm’s 50-day simple moving average is $47.69 and its 200-day simple moving average is $47.36. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 2.34. Avnet, Inc. has a 1 year low of $40.00 and a 1 year high of $51.65. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 0.66 and a beta of 1.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.01. Avnet had a return on equity of 13.60% and a net margin of 2.62%. The firm had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same period last year, the company earned $2.00 EPS. On average, analysts anticipate that Avnet, Inc. will post 5.25 EPS for the current year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Tuesday, March 5th. Avnet’s payout ratio is 17.13%.

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.