Nuveen Asset Management LLC Sells 25,750 Shares of Avnet, Inc. (NASDAQ:AVT)

Nuveen Asset Management LLC cut its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 10.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 211,718 shares of the company's stock after selling 25,750 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.24% of Avnet worth $11,077,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVT. Norges Bank bought a new position in Avnet in the 4th quarter worth approximately $52,924,000. Raymond James Financial Inc. bought a new position in Avnet in the 4th quarter worth approximately $32,676,000. Bank of America Corp DE boosted its stake in Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after purchasing an additional 421,098 shares during the period. Northern Trust Corp boosted its stake in 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 purchasing an additional 180,134 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Avnet by 61.3% during the 4th quarter. Russell Investments Group Ltd. now owns 399,593 shares of the company's stock worth $20,906,000 after acquiring an additional 151,821 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Insider Activity at Avnet

In related 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 now owns 14,626 shares in the company, valued at $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.50% of the stock is currently owned by company insiders.

Avnet Trading Down 1.4%

Shares of AVT stock traded down $0.73 during trading hours on Friday, reaching $49.93. 598,087 shares of the stock were exchanged, compared to its average volume of 744,056. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company's 50-day moving average price is $48.53 and its 200-day moving average price is $50.74. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. During the same period in the previous year, the company earned $1.10 EPS. The firm's revenue for the quarter was down 6.0% compared to the same quarter last year. As a group, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.64%. Avnet's payout ratio is 36.97%.

Analyst Ratings Changes

AVT has been the topic of several recent research reports. Wells Fargo & Company decreased their price objective on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Truist Financial decreased their price objective on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st.

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.