Avnet, Inc. (NASDAQ:AVT) Stock Holdings Lessened by Towle & Co.

Towle & Co. trimmed its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 20.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 342,020 shares of the company's stock after selling 90,034 shares during the period. Avnet makes up 3.1% of Towle & Co.'s investment portfolio, making the stock its 9th biggest holding. Towle & Co. owned approximately 0.40% of Avnet worth $17,894,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of AVT. GeoWealth Management LLC bought a new position in Avnet in the 4th quarter valued at $31,000. Synergy Investment Management LLC bought a new position in Avnet in the 4th quarter valued at $38,000. Natixis boosted its holdings in Avnet by 1,463.8% in the 4th 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. boosted its holdings in Avnet by 621.8% in the 4th 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% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock valued at $72,000 after purchasing an additional 211 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

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

Avnet Price Performance

Shares of NASDAQ AVT traded down $0.45 during mid-day trading on Friday, reaching $49.72. 452,245 shares of the company were exchanged, compared to its average volume of 750,805. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. 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 stock has a market capitalization of $4.17 billion, a PE ratio of 14.08, a PEG ratio of 1.13 and a beta of 0.98. The company's 50 day moving average price is $48.35 and its 200 day moving average price is $50.98.

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

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Wednesday, June 4th. Avnet's dividend payout ratio is presently 36.97%.

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.