Avnet, Inc. (NASDAQ:AVT) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 45.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,427 shares of the company's stock after selling 23,245 shares during the quarter. Teacher Retirement System of Texas' holdings in Avnet were worth $1,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Legacy Advisors LLC acquired a new position in shares of Avnet during the first quarter worth $26,000. GeoWealth Management LLC acquired a new position in shares of Avnet during the fourth quarter worth $31,000. Natixis grew its stake in shares of Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares in the last quarter. Curat Global LLC acquired a new position in shares of Avnet during the first quarter worth $42,000. Finally, Global X Japan Co. Ltd. acquired a new position in shares of Avnet during the first quarter worth $46,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Transactions at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the sale, the vice president owned 14,626 shares in the company, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Truist Financial lowered their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company lowered 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.

Avnet Stock Performance

NASDAQ AVT traded down $0.29 during trading hours on Friday, hitting $56.01. The company had a trading volume of 434,988 shares, compared to its average volume of 752,580. 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 1-year low of $39.22 and a 1-year high of $59.24. The company has a market cap of $4.70 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 1.22 and a beta of 1.03. The business has a 50 day moving average of $51.92 and a 200-day moving average of $50.51.

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

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a $0.33 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.36%. Avnet's dividend payout ratio is presently 36.97%.

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.