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

New York State Teachers Retirement System lessened its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 13.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 96,169 shares of the company's stock after selling 15,500 shares during the quarter. New York State Teachers Retirement System owned about 0.11% of Avnet worth $4,625,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Advisors LLC purchased a new stake in Avnet during the first quarter valued at $26,000. GeoWealth Management LLC purchased a new stake in shares of Avnet during the fourth quarter valued at $31,000. Natixis boosted its stake in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the period. Curat Global LLC purchased a new stake in shares of Avnet in the 1st quarter worth $42,000. Finally, Global X Japan Co. Ltd. purchased a new stake in shares of Avnet in the 1st quarter worth $46,000. Institutional investors own 95.78% of the company's stock.

Insider Buying and Selling 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 value of $211,200.00. Following the sale, the vice president owned 14,626 shares in the company, valued at $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.50% of the company's stock.

Avnet Stock Up 0.3%

NASDAQ:AVT traded up $0.18 during mid-day trading on Thursday, hitting $56.30. 536,619 shares of the company's stock traded hands, compared to its average volume of 750,592. The company has a fifty day moving average of $51.65 and a 200 day moving average of $50.49. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The company has a market capitalization of $4.72 billion, a P/E ratio of 15.77, a P/E/G ratio of 1.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44.

Avnet (NASDAQ:AVT - Get Free Report) last announced its 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 6.96% and a net margin of 1.43%. The company 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 firm's quarterly revenue was down 6.0% compared to the same quarter last year. On average, analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's dividend payout ratio is presently 36.97%.

Analyst Ratings Changes

Several research firms have recently commented on AVT. Wells Fargo & Company reduced their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Truist Financial reduced their price target 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.