Neo Ivy Capital Management Sells 17,385 Shares of Avnet, Inc. (NASDAQ:AVT)

Neo Ivy Capital Management lessened its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 90.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,833 shares of the company's stock after selling 17,385 shares during the period. Neo Ivy Capital Management's holdings in Avnet were worth $95,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in AVT. GeoWealth Management LLC acquired a new position in shares of Avnet in the 4th quarter valued at $31,000. Synergy Investment Management LLC purchased a new stake in shares of Avnet in the fourth quarter valued at about $38,000. Natixis boosted its stake in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after buying an additional 688 shares during the period. Bessemer Group Inc. boosted its stake in Avnet by 621.8% during the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after buying an additional 827 shares during the period. Finally, Principal Securities Inc. lifted its position in shares of Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Activity at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the company's 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 directly owns 14,626 shares of the company's stock, valued at $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is owned by insiders.

Avnet Stock Down 1.1%

NASDAQ AVT traded down $0.58 on Wednesday, reaching $50.36. The company had a trading volume of 466,494 shares, compared to its average volume of 747,905. The firm has a market capitalization of $4.22 billion, a PE ratio of 14.27, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The firm has a 50-day moving average of $48.41 and a 200-day moving average of $50.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

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

Avnet Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on AVT shares. Bank of America cut shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Wells Fargo & Company lowered their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Finally, Truist Financial lowered their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st.

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.