Healthcare of Ontario Pension Plan Trust Fund Invests $3.78 Million in Avnet, Inc. $AVT

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Avnet, Inc. (NASDAQ:AVT) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 61,400 shares of the company’s stock, valued at approximately $3,783,000.

Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in Avnet during the fourth quarter worth $28,000. BOKF NA increased its stake in shares of Avnet by 1,116.7% during the 3rd quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after purchasing an additional 536 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Avnet by 62.0% during the 4th quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock worth $41,000 after purchasing an additional 326 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Avnet by 123.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,385 shares of the company’s stock valued at $67,000 after purchasing an additional 766 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in shares of Avnet in the 4th quarter valued at about $90,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Trading Up 3.8%

Shares of AVT stock opened at $86.80 on Friday. Avnet, Inc. has a 12-month low of $44.25 and a 12-month high of $95.26. The company has a market capitalization of $7.12 billion, a PE ratio of 33.77, a price-to-earnings-growth ratio of 0.26 and a beta of 1.09. The firm has a 50 day moving average price of $87.54 and a two-hundred day moving average price of $73.85. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.15. The company had revenue of $7.12 billion for the quarter, compared to analyst estimates of $6.45 billion. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.84 earnings per share. As a group, analysts predict that Avnet, Inc. will post 5.12 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Wednesday, June 3rd. Avnet’s payout ratio is presently 54.47%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Truist Financial lifted their price target on Avnet to $95.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Weiss Ratings cut Avnet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Raymond James Financial reiterated a “strong-buy” rating and set a $95.00 target price on shares of Avnet in a research note on Thursday, April 30th. Wells Fargo & Company boosted their target price on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Finally, Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $89.50.

Insider Activity

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the transaction, the chief executive officer owned 145,003 shares in the company, valued at $12,023,648.76. This represents a 14.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by insiders.

Avnet Company Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.