Comerica Bank Sells 7,760 Shares of Avnet, Inc. (NASDAQ:AVT)

Comerica Bank cut its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 21.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Northern Trust Corp increased its position in Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after buying an additional 180,134 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Avnet during the 4th quarter worth approximately $5,436,000. Voya Investment Management LLC lifted its position in shares of Avnet by 6.9% during the 4th quarter. Voya Investment Management LLC now owns 54,448 shares of the company's stock valued at $2,849,000 after acquiring an additional 3,508 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Avnet by 15.6% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 412,279 shares of the company's stock valued at $21,570,000 after acquiring an additional 55,670 shares during the period. Finally, Pinebridge Investments L.P. lifted its position in shares of Avnet by 42.7% during the 4th quarter. Pinebridge Investments L.P. now owns 58,325 shares of the company's stock valued at $3,052,000 after acquiring an additional 17,448 shares during the period. 95.78% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the company's 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 directly owns 14,626 shares of the company's stock, valued at $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.50% of the company's stock.

Avnet Trading Up 0.3%

Shares of Avnet stock traded up $0.17 on Friday, reaching $51.76. 85,699 shares of the company's stock were exchanged, compared to its average volume of 750,080. The company has a market capitalization of $4.34 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The firm's 50-day moving average is $48.00 and its two-hundred day moving average is $51.15. 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, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24.

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

Avnet Dividend Announcement

The business 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 2.55%. Avnet's dividend payout ratio is presently 36.97%.

Analysts Set New Price Targets

A number of research analysts have recently commented on AVT shares. Truist Financial dropped their price target on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $58.00 to $48.00 in a research note on Thursday, January 30th. Finally, Wells Fargo & Company lowered their price objective 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 Company 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.