Avnet, Inc. (NASDAQ:AVT) Stake Lessened by Comerica Bank

Comerica Bank trimmed its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 21.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,318 shares of the company's stock after selling 7,760 shares during the quarter. Comerica Bank's holdings in Avnet were worth $1,482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of AVT. GeoWealth Management LLC acquired a new position in Avnet during the fourth quarter worth $31,000. Synergy Investment Management LLC purchased a new position in shares of Avnet in the 4th quarter valued at about $38,000. Natixis lifted its stake in shares of Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the period. Bessemer Group Inc. lifted its stake in shares of Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after purchasing an additional 827 shares during the period. Finally, Principal Securities Inc. boosted its holdings in Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after buying an additional 211 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Price Performance

NASDAQ:AVT traded down $0.50 during trading hours on Wednesday, reaching $51.87. 1,023,664 shares of the company traded hands, compared to its average volume of 751,182. 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 firm's 50-day moving average is $47.93 and its 200-day moving average is $51.17. The stock has a market cap of $4.35 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24.

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

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.54%. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the sale, the vice president now owns 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.50% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on AVT. Truist Financial decreased their price target on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Wells Fargo & Company cut their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st.

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.