Avnet, Inc. (NASDAQ:AVT) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its holdings in Avnet, Inc. by 60.6%, selling 1,722,596 shares and maintaining ownership of 1,118,067 shares valued at approximately $53.77 million.
• Avnet reported a quarterly earnings per share of $0.84, surpassing analysts' expectations of $0.72, with a revenue of $5.32 billion for the quarter.
• The company's recent dividend of $0.33 per share provides an annualized yield of 2.47%, reflecting a dividend payout ratio of 36.97%.

Pacer Advisors Inc. cut its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 60.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,118,067 shares of the company's stock after selling 1,722,596 shares during the period. Pacer Advisors Inc. owned 1.29% of Avnet worth $53,768,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Hexagon Capital Partners LLC grew its position in shares of Avnet by 12.9% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,822 shares of the company's stock valued at $88,000 after acquiring an additional 208 shares during the period. TD Private Client Wealth LLC increased its position in Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after purchasing an additional 246 shares in the last quarter. World Investment Advisors boosted its stake in shares of Avnet by 3.7% in the 4th quarter. World Investment Advisors now owns 7,223 shares of the company's stock valued at $378,000 after purchasing an additional 255 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Avnet by 7.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 3,972 shares of the company's stock worth $185,000 after acquiring an additional 275 shares in the last quarter. Finally, SummerHaven Investment Management LLC increased its position in shares of Avnet by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,195 shares of the company's stock valued at $731,000 after purchasing an additional 279 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AVT has been the subject of a number of recent analyst reports. Truist Financial lowered their price target on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st.

Insider Buying and Selling

In related 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 transaction, the vice president owned 14,626 shares of the company's stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Avnet Trading Up 0.2%

NASDAQ AVT traded up $0.12 during trading hours on Wednesday, hitting $55.07. 130,076 shares of the company's stock were exchanged, compared to its average volume of 815,694. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. 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 $4.62 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.03. The business's 50 day moving average is $52.83 and its 200-day moving average is $50.72.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same period in the previous year, the firm posted $1.10 earnings per share. The firm's revenue was down 6.0% on a year-over-year basis. As a group, analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's dividend payout ratio is presently 36.97%.

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.