Avnet, Inc. (NASDAQ:AVT) Holdings Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 13.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 96,169 shares of the company's stock after selling 15,500 shares during the period. New York State Teachers Retirement System owned 0.11% of Avnet worth $4,625,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AVT. American Century Companies Inc. raised its stake in Avnet by 2.1% during the fourth 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 during the period. Norges Bank purchased a new position in shares of Avnet in the 4th quarter valued at $52,924,000. Lind Value II ApS raised its stake in shares of Avnet by 15.6% in the 1st quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock valued at $48,277,000 after acquiring an additional 135,135 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 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 during the period. Finally, Northern Trust Corp raised its stake in shares of Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after acquiring an additional 180,134 shares during the period. Hedge funds and other institutional investors own 95.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVT. Truist Financial cut their target price on shares of 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 cut their target price 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.

Insider Activity at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet 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 completion of the transaction, the vice president directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.50% of the company's stock.

Avnet Stock Down 2.0%

AVT traded down $1.13 during trading hours on Monday, reaching $55.14. 767,107 shares of the stock traded hands, compared to its average volume of 749,998. The firm's fifty day simple moving average is $51.30 and its two-hundred day simple moving average is $50.40. The company has a market cap of $4.62 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.23 and a beta of 1.03. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 1.13.

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

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Wednesday, June 4th. 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.