ProShare Advisors LLC Has $7.39 Million Stake in Avnet, Inc. (NASDAQ:AVT)

ProShare Advisors LLC reduced its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 141,259 shares of the company's stock after selling 5,041 shares during the quarter. ProShare Advisors LLC owned about 0.16% of Avnet worth $7,391,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GeoWealth Management LLC bought a new position in Avnet during the 4th quarter valued at $31,000. Synergy Investment Management LLC bought a new position in Avnet during the 4th quarter valued at $38,000. Natixis boosted its stake in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Avnet by 621.8% during the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after acquiring an additional 827 shares during the last quarter. Finally, Principal Securities Inc. lifted its position in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock valued at $72,000 after acquiring an additional 211 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Price Performance

Shares of NASDAQ:AVT traded down $0.45 on Friday, reaching $49.72. 452,245 shares of the company traded hands, compared to its average volume of 750,680. The company's 50 day moving average is $48.35 and its 200-day moving average is $50.93. The stock has a market capitalization of $4.17 billion, a PE ratio of 14.08, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

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

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be given a $0.33 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.65%. Avnet's dividend payout ratio (DPR) is presently 36.97%.

Insider Transactions at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president now owns 14,626 shares of the company's stock, valued at $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AVT. Wells Fargo & Company cut their price objective on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Truist Financial cut their price objective on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research 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.