Nisa Investment Advisors LLC Cuts Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Nisa Investment Advisors LLC cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 14.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,421 shares of the company's stock after selling 7,800 shares during the quarter. Nisa Investment Advisors LLC owned about 0.05% of Avnet worth $2,232,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AVT. Legacy Advisors LLC bought a new stake in shares of Avnet in the first quarter worth $26,000. GeoWealth Management LLC acquired a new position in shares of Avnet in the 4th quarter worth approximately $31,000. Natixis boosted its stake in shares of Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after buying an additional 246 shares during the period. Finally, Curat Global LLC acquired a new position in Avnet in the first quarter valued at $42,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Transactions at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the sale, the vice president directly owned 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is currently owned by insiders.

Avnet Stock Performance

NASDAQ AVT traded up $0.21 on Thursday, hitting $55.19. 654,153 shares of the company traded hands, compared to its average volume of 748,641. The business's 50 day moving average price is $52.35 and its 200-day moving average price is $50.60. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a current ratio of 2.44, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of 15.46, a P/E/G ratio of 1.20 and a beta of 1.03.

Avnet (NASDAQ:AVT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter last year, the company earned $1.10 EPS. The firm's quarterly revenue was down 6.0% on a year-over-year basis. Equities analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.39%. Avnet's payout ratio is currently 36.97%.

Analyst Ratings Changes

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