Bank of New York Mellon Corp Has $51.19 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

Bank of New York Mellon Corp lessened its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,064,554 shares of the company's stock after selling 52,143 shares during the quarter. Bank of New York Mellon Corp owned 1.23% of Avnet worth $51,194,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in AVT. American Century Companies Inc. lifted its holdings in shares of Avnet by 2.1% in the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after purchasing an additional 72,715 shares in the last quarter. Norges Bank acquired a new stake in shares of Avnet in the fourth quarter valued at about $52,924,000. Lind Value II ApS increased its position in shares of Avnet by 15.6% in the first 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 last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Avnet by 0.6% in the fourth 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 last quarter. Finally, Northern Trust Corp increased 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 acquiring an additional 180,134 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling

In related 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 owned 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVT. Wells Fargo & Company lowered their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Truist Financial lowered 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 Price Performance

NASDAQ:AVT opened at $56.01 on Friday. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. The company has a market cap of $4.70 billion, a P/E ratio of 15.69, a P/E/G ratio of 1.22 and a beta of 1.03. The stock's 50-day simple moving average is $51.92 and its 200 day simple moving average is $50.51.

Avnet (NASDAQ:AVT - Get Free Report) last posted 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. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. During the same quarter last year, the company posted $1.10 earnings per share. Avnet's quarterly revenue was down 6.0% on a year-over-year basis. As a group, sell-side analysts forecast 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 was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Wednesday, June 4th. Avnet's payout ratio is currently 36.97%.

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.

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