Avnet, Inc. (NASDAQ:AVT) Short Interest Down 24.9% in May

Avnet, Inc. (NASDAQ:AVT - Get Free Report) was the target of a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 4,370,000 shares, a decline of 24.9% from the April 30th total of 5,820,000 shares. Based on an average trading volume of 1,010,000 shares, the days-to-cover ratio is presently 4.3 days. Currently, 5.3% of the company's stock are sold short.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Truist Financial decreased their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st.

Insider Transactions at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the transaction, the vice president now owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company's stock.

Institutional Trading of Avnet

A number of hedge funds have recently made changes to their positions in AVT. Legacy Advisors LLC acquired a new stake in shares of Avnet during the 1st quarter valued at $26,000. GeoWealth Management LLC acquired a new position in Avnet in the 4th quarter worth about $31,000. Synergy Investment Management LLC purchased a new stake in shares of Avnet during the 4th quarter worth about $38,000. Natixis lifted its holdings in shares of Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after buying an additional 688 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in shares of Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after buying an additional 246 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of NASDAQ:AVT traded down $0.73 on Friday, reaching $49.93. 598,087 shares of the company traded hands, compared to its average volume of 744,056. The stock has a market capitalization of $4.19 billion, a PE ratio of 14.14, a P/E/G ratio of 1.13 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The company's 50 day moving average is $48.53 and its 200-day moving average is $50.76. Avnet has a fifty-two week low of $39.22 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. The business's quarterly revenue was down 6.0% on a year-over-year basis. As a group, analysts anticipate that Avnet will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. Avnet's dividend payout ratio is 36.97%.

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.