Avnet, Inc. (NASDAQ:AVT) Shares Sold by Steward Partners Investment Advisory LLC

Steward Partners Investment Advisory LLC lessened its position in Avnet, Inc. (NASDAQ:AVT) by 8.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,337 shares of the company’s stock after selling 739 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Avnet were worth $420,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Avnet by 1.3% during the third quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after acquiring an additional 135,171 shares during the period. Pzena Investment Management LLC boosted its position in shares of Avnet by 0.5% during the 3rd quarter. Pzena Investment Management LLC now owns 8,730,260 shares of the company’s stock worth $420,711,000 after purchasing an additional 42,234 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Avnet by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after purchasing an additional 157,709 shares in the last quarter. Greenhaven Associates Inc. grew its stake in shares of Avnet by 1.7% during the 4th quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company’s stock worth $193,274,000 after purchasing an additional 62,710 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Avnet by 51.2% in the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock valued at $73,306,000 after purchasing an additional 515,095 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Philip R. Gallagher sold 19,532 shares of Avnet stock in a transaction on Friday, May 10th. The stock was sold at an average price of $51.63, for a total value of $1,008,437.16. Following the completion of the sale, the chief executive officer now owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Philip R. Gallagher sold 30,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the sale, the chief executive officer now directly owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Philip R. Gallagher sold 19,532 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $51.63, for a total value of $1,008,437.16. Following the sale, the chief executive officer now owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The disclosure for this sale can be found here. Insiders have sold a total of 58,532 shares of company stock valued at $3,110,237 in the last quarter. 1.30% of the stock is currently owned by company insiders.

Avnet Stock Performance

Shares of AVT opened at $53.43 on Friday. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.46. The stock has a market cap of $4.83 billion, a P/E ratio of 8.65 and a beta of 1.19. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $50.84 and a two-hundred day moving average of $48.56.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data 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). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the prior year, the company earned $2.00 earnings per share. The firm’s revenue was down 13.2% compared to the same quarter last year. As a group, research analysts predict that Avnet, Inc. will post 5.06 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be issued a $0.31 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $1.24 annualized dividend and a yield of 2.32%. Avnet’s dividend payout ratio (DPR) is presently 20.06%.

Analysts Set New Price Targets

Separately, Truist Financial dropped their target price on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.