Envestnet Asset Management Inc. Sells 13,964 Shares of Avnet, Inc. (NASDAQ:AVT)

Envestnet Asset Management Inc. reduced its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 8.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 153,205 shares of the company's stock after selling 13,964 shares during the period. Envestnet Asset Management Inc. owned 0.18% of Avnet worth $7,368,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its stake in Avnet by 12.9% during the first quarter. Hexagon Capital Partners LLC now owns 1,822 shares of the company's stock valued at $88,000 after purchasing an additional 208 shares during the last quarter. World Investment Advisors lifted its stake in Avnet by 3.7% during the fourth quarter. World Investment Advisors now owns 7,223 shares of the company's stock valued at $378,000 after purchasing an additional 255 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in Avnet by 1.9% during the first quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company's stock valued at $731,000 after purchasing an additional 279 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Avnet by 30.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock valued at $76,000 after purchasing an additional 340 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Avnet by 10.5% during the first quarter. Blue Trust Inc. now owns 3,812 shares of the company's stock valued at $183,000 after purchasing an additional 361 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Avnet Trading Up 0.3%

Shares of AVT stock traded up $0.16 during trading hours on Friday, reaching $53.50. 579,679 shares of the stock traded hands, compared to its average volume of 690,082. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The business has a fifty day moving average price of $52.68 and a 200 day moving average price of $50.68. The company has a quick ratio of 1.13, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.49 billion, a PE ratio of 14.99, a PEG ratio of 1.17 and a beta of 1.03.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.12. The firm had revenue of $5.32 billion for 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 company's revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.10 EPS. On average, equities research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.47%. Avnet's dividend payout ratio is presently 36.97%.

Insiders Place Their Bets

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president owned 14,626 shares in the company, valued at approximately $772,252.80. This represents a 21.48% decrease in their position. The transaction 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.

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.