New York State Common Retirement Fund Lowers Holdings in Avnet, Inc. (NASDAQ:AVT)

New York State Common Retirement Fund decreased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 0.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 500,253 shares of the company's stock after selling 4,547 shares during the period. New York State Common Retirement Fund owned about 0.58% of Avnet worth $24,057,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. American Century Companies Inc. lifted its position in shares of Avnet by 2.1% during the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after buying an additional 72,715 shares in the last quarter. Norges Bank acquired a new position in Avnet during the fourth quarter worth $52,924,000. Lind Value II ApS lifted its holdings in Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock valued at $48,277,000 after purchasing an additional 135,135 shares in the last quarter. Northern Trust Corp grew its position in shares of Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after purchasing an additional 180,134 shares during the period. Finally, Boston Partners increased its stake in shares of Avnet by 5.2% during the fourth quarter. Boston Partners now owns 855,519 shares of the company's stock worth $45,096,000 after purchasing an additional 42,302 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction 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 transaction, the vice president owned 14,626 shares of the company's stock, 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.50% of the company's stock.

Avnet Price Performance

Shares of Avnet stock traded down $0.19 during trading hours on Friday, reaching $55.00. 469,653 shares of the company's stock were exchanged, compared to its average volume of 747,961. The business has a fifty day moving average of $52.45 and a two-hundred day moving average of $50.61. The company has a market capitalization of $4.61 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 1.20 and a beta of 1.03. The company has a quick ratio of 1.13, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. Avnet's revenue was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.10 EPS. As a group, research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.40%. Avnet's dividend payout ratio is presently 36.97%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Truist Financial decreased their target price on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock 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.