MetLife Investment Management LLC Cuts Stake in Avnet, Inc. (NASDAQ:AVT)

MetLife Investment Management LLC reduced its stake in Avnet, Inc. (NASDAQ:AVT) by 4.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 45,569 shares of the company’s stock after selling 2,012 shares during the quarter. MetLife Investment Management LLC owned 0.05% of Avnet worth $2,475,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Comerica Bank lifted its holdings in Avnet by 4.5% during the first quarter. Comerica Bank now owns 41,099 shares of the company’s stock valued at $2,038,000 after purchasing an additional 1,767 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock valued at $79,000 after purchasing an additional 620 shares during the last quarter. CWM LLC lifted its holdings in Avnet by 591.4% during the second quarter. CWM LLC now owns 5,331 shares of the company’s stock valued at $274,000 after purchasing an additional 4,560 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Avnet by 51.1% during the second quarter. SG Americas Securities LLC now owns 16,081 shares of the company’s stock valued at $828,000 after purchasing an additional 5,436 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in Avnet by 90.6% during the second quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company’s stock valued at $88,000 after purchasing an additional 814 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Trading Down 0.1 %

Shares of AVT opened at $55.27 on Thursday. The business’s 50-day moving average price is $54.45 and its 200-day moving average price is $53.40. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The stock has a market cap of $4.81 billion, a PE ratio of 14.57, a P/E/G ratio of 1.04 and a beta of 1.14. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion for 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%. Avnet’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.61 earnings per share. On average, equities analysts forecast that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is 34.56%.

Wall Street Analysts Forecast Growth

Several research firms have commented on AVT. 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. Truist Financial upped their price target on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

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.