Avnet, Inc. (NASDAQ:AVT) Shares Sold by Mutual Advisors LLC

Mutual Advisors LLC cut its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 33.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,975 shares of the company's stock after selling 8,470 shares during the period. Mutual Advisors LLC's holdings in Avnet were worth $882,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Legacy Advisors LLC purchased a new stake in Avnet in the first quarter valued at approximately $26,000. GeoWealth Management LLC acquired a new stake in shares of Avnet in the fourth quarter worth $31,000. Natixis raised its holdings in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the last quarter. Curat Global LLC acquired a new position in Avnet during the first quarter valued at $42,000. Finally, Global X Japan Co. Ltd. purchased a new stake in Avnet in the first quarter valued at $46,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions 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 transaction of $211,200.00. Following the completion of the sale, the vice president directly owned 14,626 shares in the company, valued at $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

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

Avnet Stock Performance

NASDAQ AVT traded up $0.18 on Thursday, hitting $56.30. 536,619 shares of the company's stock were exchanged, compared to its average volume of 841,371. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 1.23 and a beta of 1.03. The firm's 50-day moving average price is $51.65 and its two-hundred day moving average price is $50.49. 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 released its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the previous year, the company posted $1.10 EPS. The business's revenue was down 6.0% on a year-over-year basis. On average, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.34%. The ex-dividend date was Wednesday, June 4th. Avnet's payout ratio is 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.