Longboard Asset Management LP Purchases New Holdings in Avnet, Inc. (NASDAQ:AVT)

Longboard Asset Management LP purchased a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 3,947 shares of the company’s stock, valued at approximately $207,000.

Other large investors also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in Avnet in the 3rd quarter valued at about $51,000. GAMMA Investing LLC boosted its position in Avnet by 20.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock valued at $100,000 after buying an additional 309 shares during the period. KBC Group NV boosted its position in Avnet by 55.7% in the 4th quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after buying an additional 1,200 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Avnet by 442.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock valued at $200,000 after buying an additional 3,015 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new stake in Avnet in the 3rd quarter valued at about $209,000. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of AVT opened at $49.99 on Wednesday. The company has a 50 day moving average price of $53.14 and a 200-day moving average price of $53.40. Avnet, Inc. has a fifty-two week low of $43.62 and a fifty-two week high of $59.24. The stock has a market capitalization of $4.35 billion, a PE ratio of 14.16, a PEG ratio of 1.01 and a beta of 1.13. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. Equities analysts predict that Avnet, Inc. will post 3.82 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were given a dividend of $0.33 per share. The ex-dividend date was Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.64%. Avnet’s payout ratio is 37.39%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Truist Financial lowered their price objective on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th. Bank of America cut shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet 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.