Gotham Asset Management LLC Has $9.87 Million Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Gotham Asset Management LLC raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 74.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,561 shares of the company's stock after acquiring an additional 80,731 shares during the period. Gotham Asset Management LLC owned approximately 0.22% of Avnet worth $9,866,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. GeoWealth Management LLC bought a new position in Avnet during the fourth quarter valued at about $31,000. Synergy Investment Management LLC bought a new position in shares of Avnet during the 4th quarter valued at about $38,000. Natixis boosted its position in shares of Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after purchasing an additional 688 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after purchasing an additional 827 shares in the last quarter. Finally, Principal Securities Inc. lifted its stake in Avnet by 18.2% during 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 last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the company's 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 now directly owns 14,626 shares in the company, valued at $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.50% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on AVT shares. Wells Fargo & Company dropped their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Truist Financial decreased their price target on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Finally, Bank of America downgraded 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 report on Thursday, January 30th.

Avnet Stock Down 0.5%

NASDAQ AVT traded down $0.28 during trading on Thursday, reaching $51.59. 718,278 shares of the company's stock were exchanged, compared to its average volume of 751,565. 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, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company's fifty day simple moving average is $47.96 and its 200-day simple moving average is $51.17. The firm has a market capitalization of $4.33 billion, a PE ratio of 14.61, a P/E/G ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT - Get Free Report) last released 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. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. Avnet's revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 EPS. Sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors 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 2.56%. The ex-dividend date of this dividend is Wednesday, June 4th. Avnet's payout ratio is 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.