Avnet, Inc. (NASDAQ:AVT) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 2.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 245,677 shares of the company's stock after selling 6,229 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of Avnet worth $11,815,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AVT. Deutsche Bank AG boosted its stake in Avnet by 9.8% in the fourth quarter. Deutsche Bank AG now owns 29,843 shares of the company's stock valued at $1,561,000 after acquiring an additional 2,655 shares in the last quarter. Barclays PLC increased its holdings in shares of Avnet by 2.4% during the fourth quarter. Barclays PLC now owns 94,036 shares of the company's stock valued at $4,920,000 after acquiring an additional 2,194 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Avnet by 245.8% during the fourth quarter. Jane Street Group LLC now owns 45,351 shares of the company's stock valued at $2,373,000 after acquiring an additional 32,235 shares in the last quarter. William Blair Investment Management LLC increased its holdings in shares of Avnet by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 733,566 shares of the company's stock valued at $38,380,000 after acquiring an additional 17,685 shares in the last quarter. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Avnet during the fourth quarter valued at about $311,000. 95.78% of the stock is currently owned by institutional investors.

Avnet Price Performance

Shares of AVT stock traded down $0.03 on Wednesday, reaching $52.08. 31,755 shares of the company were exchanged, compared to its average volume of 740,541. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 14.77, a P/E/G ratio of 1.13 and a beta of 1.02. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The business has a 50-day moving average price of $49.03 and a 200 day moving average price of $50.65. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $5.25 billion. During the same period last year, the company posted $1.10 EPS. Avnet's quarterly revenue was down 6.0% compared to the same quarter last year. Equities research analysts forecast 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 issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Wednesday, June 4th. Avnet's payout ratio is 36.97%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AVT shares. Wells Fargo & Company cut their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Truist Financial reduced their target price 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.

Insider Transactions at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the transaction, the vice president now owns 14,626 shares in the company, valued at $772,252.80. The trade was a 21.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.50% of the company's stock.

About Avnet

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.