Avnet, Inc. $AVT Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Avnet, Inc. by 1.3% during the first quarter, selling 143,471 shares, and now owns approximately 12.51% of the company, valued at $520 million.
• Avnet's quarterly earnings surpassed analysts' expectations, reporting $0.81 earnings per share, and revenues of $5.62 billion, showing a 1.0% year-over-year increase.
• Wall Street analysts have mixed views on Avnet, with price target adjustments ranging from a reduction by Wells Fargo to an increase by Truist Financial, highlighting varied outlooks on the company's performance.

Vanguard Group Inc. trimmed its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,820,324 shares of the company's stock after selling 143,471 shares during the quarter. Vanguard Group Inc. owned 12.51% of Avnet worth $520,349,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of AVT. Woodline Partners LP purchased a new position in shares of Avnet in the fourth quarter worth approximately $38,097,000. Raymond James Financial Inc. purchased a new position in shares of Avnet in the 4th quarter worth approximately $32,676,000. Bank of America Corp DE grew its stake in shares of Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after buying an additional 421,098 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after buying an additional 180,134 shares during the period. Finally, Voloridge Investment Management LLC increased its stake in Avnet by 137.0% in the fourth quarter. Voloridge Investment Management LLC now owns 270,713 shares of the company's stock worth $14,164,000 after purchasing an additional 156,508 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

AVT stock traded up $0.28 during trading on Tuesday, hitting $53.74. The stock had a trading volume of 41,461 shares, compared to its average volume of 823,823. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The stock has a market capitalization of $4.51 billion, a P/E ratio of 19.69, a PEG ratio of 0.38 and a beta of 1.06. The company's 50-day moving average price is $53.47 and its two-hundred day moving average price is $50.68.

Avnet (NASDAQ:AVT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%. The firm's quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.22 EPS. As a group, research analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVT. Wells Fargo & Company lowered their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Truist Financial upped their target price on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, Bank of America raised their price target on shares of Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th.

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.