Swiss National Bank Sells 20,900 Shares of Avnet, Inc. (NASDAQ:AVT)

Swiss National Bank reduced its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 10.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 180,000 shares of the company's stock after selling 20,900 shares during the quarter. Swiss National Bank owned 0.20% of Avnet worth $9,072,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in Avnet by 12.8% during the fourth quarter. Victory Capital Management Inc. now owns 292,340 shares of the company's stock worth $14,734,000 after acquiring an additional 33,248 shares during the period. Islay Capital Management LLC lifted its position in shares of Avnet by 51.5% during the 4th quarter. Islay Capital Management LLC now owns 20,379 shares of the company's stock valued at $1,027,000 after acquiring an additional 6,929 shares during the period. Van ECK Associates Corp grew its holdings in shares of Avnet by 26.9% in the 4th quarter. Van ECK Associates Corp now owns 21,529 shares of the company's stock worth $1,085,000 after acquiring an additional 4,562 shares during the period. SummerHaven Investment Management LLC increased its stake in Avnet by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 14,590 shares of the company's stock valued at $735,000 after purchasing an additional 222 shares in the last quarter. Finally, Convergence Investment Partners LLC boosted its position in Avnet by 69.9% during the fourth quarter. Convergence Investment Partners LLC now owns 8,322 shares of the company's stock worth $419,000 after purchasing an additional 3,423 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Truist Financial dropped their price objective on shares of Avnet from $49.00 to $48.00 and set a "hold" rating for the company in a research note on Thursday, May 2nd. The Goldman Sachs Group reduced their target price on shares of Avnet from $48.00 to $42.00 and set a "sell" rating on the stock in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $45.00.

Insider Activity at Avnet

In related news, CEO Philip R. Gallagher sold 19,532 shares of Avnet stock in a transaction on Friday, May 10th. The shares were sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the sale, the chief executive officer now owns 140,792 shares of the company's stock, valued at approximately $7,269,090.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company's stock.

Avnet Trading Up 1.4 %

NASDAQ:AVT traded up $0.73 during trading hours on Tuesday, reaching $53.29. 622,236 shares of the company were exchanged, compared to its average volume of 596,411. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of 8.62 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. The stock has a 50 day simple moving average of $48.62 and a 200 day simple moving average of $47.68. Avnet, Inc. has a 52-week low of $40.98 and a 52-week high of $53.46.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). The firm had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business's revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.00 earnings per share. As a group, analysts predict that Avnet, Inc. will post 5.09 EPS for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet's payout ratio is 20.06%.

Avnet 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.