Avnet, Inc. (NASDAQ:AVT) Shares Sold by First Trust Advisors LP

First Trust Advisors LP cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 37.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 789,510 shares of the company's stock after selling 467,159 shares during the quarter. First Trust Advisors LP owned approximately 0.91% of Avnet worth $41,307,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GeoWealth Management LLC acquired a new position in shares of Avnet in the 4th quarter worth approximately $31,000. Synergy Investment Management LLC acquired a new position in Avnet in the fourth quarter worth $38,000. Bessemer Group Inc. raised its holdings in shares of Avnet by 621.8% during the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares during the period. Principal Securities Inc. lifted its position in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after buying an additional 211 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Avnet by 30.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock valued at $76,000 after buying an additional 340 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Bank of America cut shares of Avnet from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial cut their price target on Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a report on Thursday, January 30th.

Avnet Stock Performance

Avnet stock traded down $0.51 during midday trading on Tuesday, reaching $51.19. 150,293 shares of the stock traded hands, compared to its average volume of 739,447. The firm has a fifty day moving average price of $48.03 and a two-hundred day moving average price of $51.49. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.13 and a beta of 1.04. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. On average, equities research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.33 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.58%. Avnet's dividend payout ratio is presently 37.39%.

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.