ProShare Advisors LLC Lowers Position in Avnet, Inc. (NASDAQ:AVT)

ProShare Advisors LLC trimmed its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (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 approximately 0.16% of Avnet worth $7,391,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AVT. Principal Securities Inc. grew its holdings in Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock valued at $72,000 after purchasing an additional 211 shares during the period. World Investment Advisors grew its stake in 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 acquiring an additional 255 shares during the period. Highland Capital Management LLC increased its holdings in Avnet by 6.6% in the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company's stock worth $222,000 after acquiring an additional 261 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Avnet by 30.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock worth $76,000 after acquiring an additional 340 shares in the last quarter. Finally, Transcend Capital Advisors LLC raised its position in Avnet by 2.3% during the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company's stock worth $871,000 after acquiring an additional 381 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were 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 represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.50% of the company's stock.

Avnet Stock Performance

NASDAQ:AVT opened at $51.88 on Monday. The company has a market cap of $4.35 billion, a P/E ratio of 14.70, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The company's 50-day moving average price is $48.08 and its 200-day moving average price is $51.07. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.12. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The business's revenue was down 6.0% on a year-over-year basis. During the same period last year, the company posted $1.10 EPS. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.54%. The ex-dividend date is Wednesday, June 4th. Avnet's payout ratio is currently 36.97%.

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.

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