Guggenheim Capital LLC Sells 9,546 Shares of Avnet, Inc. (NASDAQ:AVT)

Guggenheim Capital LLC cut its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 54.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,956 shares of the company's stock after selling 9,546 shares during the quarter. Guggenheim Capital LLC's holdings in Avnet were worth $416,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVT. Greenhaven Associates Inc. grew its position in Avnet by 1.0% during the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock worth $207,336,000 after buying an additional 38,185 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Avnet by 2.1% during the 4th 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 in the last quarter. Pacer Advisors Inc. increased its position in shares of Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after purchasing an additional 2,816,889 shares during the period. Bank of New York Mellon Corp raised 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 in the last quarter. Finally, Norges Bank bought a new stake in Avnet during the fourth quarter worth about $52,924,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Trading Up 1.5 %

Shares of NASDAQ:AVT traded up $0.74 during mid-day trading on Friday, reaching $49.56. 113,586 shares of the company's stock were exchanged, compared to its average volume of 744,344. 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, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 1.13 and a beta of 1.04. The business's fifty day moving average price is $47.84 and its 200-day moving average price is $51.41.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the previous year, the company posted $1.10 EPS. The business's revenue was down 6.0% on a year-over-year basis. On average, research analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.66%. Avnet's payout ratio is currently 37.39%.

Wall Street Analysts Forecast Growth

AVT has been the subject of several analyst reports. Truist Financial dropped their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday. Wells Fargo & Company lowered their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday. Finally, Bank of America lowered shares of Avnet from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $58.00 to $48.00 in a report on Thursday, January 30th.

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.