Rhumbline Advisers Reduces Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Rhumbline Advisers trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 2.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 245,677 shares of the company's stock after selling 6,229 shares during the quarter. Rhumbline Advisers owned 0.29% of Avnet worth $11,815,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. American Century Companies Inc. grew its holdings in shares of Avnet by 2.1% in the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after purchasing an additional 72,715 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Avnet by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock valued at $58,426,000 after purchasing an additional 43,547 shares during the last quarter. Norges Bank bought a new position in shares of Avnet during the 4th quarter worth approximately $52,924,000. Lind Value II ApS increased its position in shares of Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after purchasing an additional 135,135 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Avnet by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company's stock worth $48,231,000 after acquiring an additional 5,209 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is owned by corporate insiders.

Avnet Price Performance

Shares of Avnet stock traded down $1.04 during mid-day trading on Friday, reaching $50.49. 439,655 shares of the stock traded hands, compared to its average volume of 743,840. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The stock has a market capitalization of $4.23 billion, a PE ratio of 14.30, a PEG ratio of 1.13 and a beta of 1.02. The business has a 50-day moving average of $49.40 and a 200 day moving average of $50.63.

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, analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio (DPR) is 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.