Avnet, Inc. (NASDAQ:AVT) is Towle & Co.'s 9th Largest Position

Towle & Co. lessened its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 342,020 shares of the company's stock after selling 90,034 shares during the quarter. Avnet accounts for approximately 3.1% of Towle & Co.'s holdings, making the stock its 9th biggest position. Towle & Co. owned approximately 0.40% of Avnet worth $17,894,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Pacer Advisors Inc. raised its position in Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after buying an additional 2,816,889 shares during the last quarter. Norges Bank purchased a new position in Avnet in the 4th quarter worth about $52,924,000. Raymond James Financial Inc. purchased a new position in Avnet in the 4th quarter worth about $32,676,000. Bank of America Corp DE raised its position in Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after buying an additional 421,098 shares during the last quarter. Finally, Northern Trust Corp raised its position in Avnet by 25.2% in 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 last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

AVT has been the subject of a number of recent analyst reports. Truist Financial decreased their target price on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and cut their price target for the company from $58.00 to $48.00 in a research note on Thursday, January 30th. Finally, Wells Fargo & Company reduced their price target 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.

Avnet Price Performance

NASDAQ AVT opened at $51.88 on Monday. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The firm has a market capitalization of $4.35 billion, a P/E ratio of 14.70, a PEG ratio of 1.13 and a beta of 0.98. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $48.08 and a 200-day moving average price of $51.07.

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

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. 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 at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the business'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 transaction of $211,200.00. Following the completion of the transaction, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is currently owned by corporate insiders.

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.

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