Neuberger Berman Group LLC Sells 5,290 Shares of Avnet, Inc. $AVT

Key Points

• Neuberger Berman Group LLC sold 5,290 shares of Avnet, Inc., reducing its holdings by 34.2%, now owning 10,192 shares valued at approximately $490,000.
• Other institutional investors, such as Hexagon Capital Partners LLC and TD Private Client Wealth LLC, increased their stakes in Avnet by 12.9% and 43.0%, respectively, during the same quarter.
• Avnet recently reported quarterly earnings of $0.81 EPS, exceeding estimates, while its stock price has seen a 1.2% decrease, currently trading around $53.47.

Neuberger Berman Group LLC trimmed its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 34.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,192 shares of the company's stock after selling 5,290 shares during the period. Neuberger Berman Group LLC's holdings in Avnet were worth $490,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Lind Value II ApS grew its position in Avnet by 15.6% in the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after acquiring an additional 135,135 shares in the last quarter. Northern Trust Corp grew its position in Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after acquiring an additional 180,134 shares in the last quarter. Woodline Partners LP bought a new stake in Avnet in the fourth quarter worth approximately $38,097,000. Bank of America Corp DE grew its position in Avnet by 149.9% in the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after acquiring an additional 421,098 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Avnet by 4.8% in the first quarter. Russell Investments Group Ltd. now owns 418,835 shares of the company's stock worth $20,140,000 after acquiring an additional 19,242 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Price Performance

Shares of AVT traded down $0.5250 during trading hours on Wednesday, hitting $52.9850. The stock had a trading volume of 180,966 shares, compared to its average volume of 822,122. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The company's fifty day moving average is $53.49 and its two-hundred day moving average is $50.70. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 19.41, a P/E/G ratio of 0.38 and a beta of 1.06.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The company's revenue was up 1.0% on a year-over-year basis. On average, analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Analyst Ratings Changes

AVT has been the subject of a number of analyst reports. Truist Financial boosted their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Bank of America upped their target price on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research note on Monday, August 11th. Finally, Wells Fargo & Company cut 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. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Sell" and a consensus target price of $49.00.

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.