Avnet, Inc. (NASDAQ:AVT) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 64.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. GeoWealth Management LLC purchased a new position in shares of Avnet in the 4th quarter worth approximately $31,000. Synergy Investment Management LLC acquired a new stake in Avnet in the fourth quarter valued at approximately $38,000. Natixis grew its holdings in Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the last quarter. Bessemer Group Inc. increased its position 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 in the last quarter. Finally, Principal Securities Inc. lifted its holdings in shares of Avnet by 18.2% during 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 last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVT has been the topic of several research analyst reports. Truist Financial dropped their target price on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company lowered their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Finally, Bank of America downgraded shares of Avnet from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $58.00 to $48.00 in a report on Thursday, January 30th.

Insiders Place Their Bets

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction dated 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 owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by insiders.

Avnet Stock Performance

Shares of AVT traded up $1.22 during trading hours on Tuesday, reaching $50.94. 469,373 shares of the company traded hands, compared to its average volume of 749,555. 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 business has a fifty day moving average price of $48.36 and a 200-day moving average price of $50.84. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The stock has a market capitalization of $4.27 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.13 and a beta of 0.98.

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

Avnet Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.59%. Avnet's dividend payout ratio (DPR) is presently 36.97%.

About Avnet

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.