Russell Investments Group Ltd. Has $19.37 Million Stake in Avnet, Inc. (NASDAQ:AVT)

Russell Investments Group Ltd. trimmed its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 11.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 384,335 shares of the company's stock after selling 47,932 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.42% of Avnet worth $19,371,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. CWM LLC lifted its position in Avnet by 330.2% during the third quarter. CWM LLC now owns 641 shares of the company's stock worth $31,000 after buying an additional 492 shares during the period. Venturi Wealth Management LLC increased its stake in Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company's stock worth $33,000 after acquiring an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Avnet during the fourth quarter worth about $40,000. GAMMA Investing LLC acquired a new stake in Avnet during the fourth quarter worth about $63,000. Finally, Parkside Financial Bank & Trust increased its stake in Avnet by 19.1% during the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company's stock worth $79,000 after acquiring an additional 265 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of AVT traded up $0.77 during midday trading on Friday, reaching $49.41. The stock had a trading volume of 746,176 shares, compared to its average volume of 594,273. The firm's 50 day moving average price is $47.86 and its 200-day moving average price is $47.39. The company has a market capitalization of $4.46 billion, a P/E ratio of 7.87, a P/E/G ratio of 0.64 and a beta of 1.21. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. Avnet, Inc. has a 52 week low of $40.44 and a 52 week high of $51.65.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business's revenue was down 13.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.00 EPS. On average, analysts forecast that Avnet, Inc. will post 5.25 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.51%. Avnet's dividend payout ratio is presently 20.06%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group decreased their target price on Avnet from $48.00 to $42.00 and set a "sell" rating for the company in a research report on Thursday, February 1st. Truist Financial reduced their price objective on Avnet from $49.00 to $48.00 and set a "hold" rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. According to MarketBeat.com, Avnet has an average rating of "Hold" and an average target price of $45.00.

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.