Parsec Financial Management Inc. has just purchased 11,500 shares of Avnet, Inc. (NASDAQ:AVT) valued at a whopping $520,000 during the first quarter of this year. This new acquisition signals Parsec’s confidence in Avnet’s potential for growth and success in the near future.
Avnet recently released its quarterly earnings report on May 3rd, where they exceeded analysts’ expectations with an EPS of $2.00 per share and a revenue of $6.50 billion for the quarter (compared to analyst predictions of $6.31 billion). Additionally, they reported a positive net margin of 3.27% and return on equity of 17.71%. The company’s revenue has also shown a slight increase compared to the same quarter last year.
Despite these impressive figures, some directors are still choosing to sell their shares in the company. Director James A. Lawrence sold 72,851 shares on May 11th at an average price of $41.69 per share, amounting to over $3 million in total transaction value. Similarly, CEO Philip R. Gallagher sold over 32 thousand shares on May 15th at an average price of $41.35 per share totaling to more than $1 million.
It remains unclear why some insiders are selling their shares while others are investing heavily in Avnet potentially indicating different approaches to risk taking or simply profit-taking strategies but there is no arguing that Parsec Financial Management sees great potential in Avnet’s future performance raising the question; what can we expect from this technology distributor?
Although only time will tell what lies down the road for Avnet, it is exciting to see new investors diving headfirst into betting on its success given their current innovative technology solutions offerings combined with noteworthy financial results that independent parties continue placing them above market analysts’ predictions fueling curiosity about what might be next for both insiders and investors alike.
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Hedge Funds and Insiders Make Moves in Tech Electronics Company Avnet
Avnet, a tech electronics company, recently had a number of hedge funds add or reduce their stakes in the business. Natixis Advisors L.P. added to its position and Healthcare of Ontario Pension Plan Trust Fund acquired a new stake. MetLife Investment Management LLC and Commonwealth of Pennsylvania Public School Empls Retrmt SYS both lifted their stakes in the company, while Great West Life Assurance Co. Can bought additional shares. Institutional investors now hold 97.11% of Avnet’s stock.
NASDAQ AVT opened on 5 June at $48.01 with a market cap of $4.39 billion, P/E ratio of 5.28, beta of 1.35 and P/E/G ratio of 0.44 with one-year high/low values at $49.16/$35.45 respectively.
Avnet has seen some activity from insiders too as Director James A Lawrence sold almost $3m worth of shares on May 11th and CEO Philip R Gallagher sold over $1m worth on May 15th; both sets were disclosed through SEC filings.
Investors who hold shares for Avnet can look forward to receiving quarterly dividends with the next being paid on June 21st to investors at record by June7th; however, analysts have given Avnet mixed reviews with two calling it a sell and three others holding back any recommendation entirely.
