Avnet, Inc. (NASDAQ:AVT) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. cut its holdings in Avnet, Inc. (NASDAQ:AVT) by 17.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 16,199 shares of the company’s stock after selling 3,379 shares during the quarter. Advisors Asset Management Inc.’s holdings in Avnet were worth $880,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after acquiring an additional 214 shares during the period. Capital Performance Advisors LLP purchased a new stake in Avnet during the 3rd quarter valued at about $51,000. nVerses Capital LLC purchased a new stake in Avnet during the 2nd quarter valued at about $77,000. Versant Capital Management Inc increased its holdings in shares of Avnet by 729.7% in the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after purchasing an additional 1,350 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on AVT. Stifel Nicolaus upped their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company upped their price objective on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th. Finally, Truist Financial raised their target price on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th.

Avnet Trading Down 0.7 %

Shares of NASDAQ:AVT opened at $54.84 on Wednesday. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24. The business has a 50 day moving average of $54.14 and a two-hundred day moving average of $53.32. The company has a market capitalization of $4.77 billion, a PE ratio of 14.36, a PEG ratio of 1.02 and a beta of 1.16.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 EPS. As a group, analysts forecast that Avnet, Inc. will post 4.09 EPS for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

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.