BNP Paribas Financial Markets Decreases Stake in Avnet, Inc. (NASDAQ:AVT)

BNP Paribas Financial Markets lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 64.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,300 shares of the company's stock after selling 20,799 shares during the quarter. BNP Paribas Financial Markets' holdings in Avnet were worth $591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of AVT. American Century Companies Inc. boosted its stake in Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after purchasing an additional 72,715 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock valued at $148,623,000 after buying an additional 2,816,889 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Avnet by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock valued at $58,426,000 after acquiring an additional 43,547 shares in the last quarter. Norges Bank purchased a new position in Avnet in the 4th quarter worth approximately $52,924,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Avnet by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock valued at $48,231,000 after acquiring an additional 5,209 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Avnet Stock Performance

AVT traded up $0.05 during mid-day trading on Thursday, reaching $50.41. 45,445 shares of the company traded hands, compared to its average volume of 881,407. The stock has a market capitalization of $4.23 billion, a P/E ratio of 14.27, a P/E/G 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's fifty day moving average price is $48.48 and its 200-day moving average price is $50.84. 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 quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.72 by $0.12. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. Avnet's revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 earnings per share. On average, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.62%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio is 36.97%.

Wall Street Analyst Weigh In

Several brokerages have commented on AVT. Wells Fargo & Company cut their target price on Avnet from $45.00 to $43.00 and set an "underweight" 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 reduced their price objective for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Finally, 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.

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.