Mutual Advisors LLC Has $882,000 Holdings in Avnet, Inc. (NASDAQ:AVT)

Mutual Advisors LLC reduced its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,975 shares of the company's stock after selling 8,470 shares during the quarter. Mutual Advisors LLC's holdings in Avnet were worth $882,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of AVT. American Century Companies Inc. grew its position in shares of Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after acquiring an additional 72,715 shares in the last quarter. Norges Bank acquired a new position in Avnet during the 4th quarter worth $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 worth $48,277,000 after buying an additional 135,135 shares in the last quarter. 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 worth $48,231,000 after buying an additional 5,209 shares in the last quarter. 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 worth $46,875,000 after buying an additional 180,134 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 stock was 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 owned 14,626 shares of the company's stock, valued at $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is currently owned by company insiders.

Avnet Stock Performance

NASDAQ:AVT traded down $0.14 during mid-day trading on Wednesday, hitting $56.12. 430,798 shares of the company's stock traded hands, compared to its average volume of 751,448. The firm has a 50 day moving average of $51.65 and a two-hundred day moving average of $50.49. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.23 and a beta of 1.03. The company has a current ratio of 2.44, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The firm'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 company earned $1.10 EPS. On average, equities analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a $0.33 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.35%. Avnet's dividend payout ratio (DPR) is 36.97%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVT. Wells Fargo & Company cut 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 cut 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.

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.