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 position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 34.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of AVT. Woodline Partners LP bought a new position in Avnet in the 4th quarter valued at $38,097,000. Bank of America Corp DE boosted its holdings in Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after purchasing an additional 421,098 shares during the period. Nuveen LLC bought a new stake in shares of Avnet during the 1st quarter worth $9,703,000. Northern Trust Corp lifted its holdings in shares of Avnet by 25.2% during the 4th 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 during the last quarter. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Avnet by 137.0% during the 4th quarter. Voloridge Investment Management LLC now owns 270,713 shares of the company's stock worth $14,164,000 after acquiring an additional 156,508 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Down 1.0%

NASDAQ:AVT traded down $0.5570 during mid-day trading on Thursday, hitting $52.7230. 69,052 shares of the company's stock were exchanged, compared to its average volume of 819,941. The business has a fifty day moving average price of $53.53 and a 200 day moving average price of $50.72. The company has a market cap of $4.40 billion, a PE ratio of 19.32, a P/E/G ratio of 0.39 and a beta of 1.06. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16.

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AVT. Bank of America lifted their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Wells Fargo & Company dropped their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Finally, Truist Financial lifted their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Sell" and an average target price of $49.00.

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.