AGF Management Ltd. Cuts Stock Position in Avnet, Inc. (NASDAQ:AVT)

AGF Management Ltd. cut its stake in shares of Avnet, Inc. (NASDAQ:AVTFree Report) by 2.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 59,730 shares of the company’s stock after selling 1,590 shares during the period. AGF Management Ltd. owned about 0.07% of Avnet worth $3,010,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of Avnet by 51.2% during the third quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock worth $73,306,000 after purchasing an additional 515,095 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Avnet by 971.5% in the third quarter. Assenagon Asset Management S.A. now owns 437,210 shares of the company’s stock valued at $21,069,000 after buying an additional 396,405 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Avnet by 586.5% in the third quarter. Victory Capital Management Inc. now owns 259,092 shares of the company’s stock valued at $12,486,000 after buying an additional 221,353 shares during the last quarter. Tudor Investment Corp Et Al lifted its stake in shares of Avnet by 212.8% in the third quarter. Tudor Investment Corp Et Al now owns 228,857 shares of the company’s stock worth $11,029,000 after buying an additional 155,685 shares in the last quarter. Finally, LSV Asset Management boosted its position in Avnet by 5.3% during the third quarter. LSV Asset Management now owns 3,077,468 shares of the company’s stock worth $148,303,000 after acquiring an additional 154,700 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 transaction of $1,008,437.16. Following the completion of the sale, the chief executive officer now directly owns 140,792 shares in the company, valued at approximately $7,269,090.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

Avnet Stock Up 1.6 %

AVT stock opened at $52.56 on Tuesday. Avnet, Inc. has a 52 week low of $40.98 and a 52 week high of $52.80. 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 market cap of $4.75 billion, a P/E ratio of 8.50 and a beta of 1.21. The company’s 50-day moving average price is $48.50 and its 200 day moving average price is $47.62.

Avnet (NASDAQ:AVTGet Free Report) last announced 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 business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm’s revenue for the quarter was down 13.2% on a year-over-year basis. During the same period last year, the company earned $2.00 EPS. On average, research analysts expect that Avnet, Inc. will post 5.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Tuesday, March 5th. Avnet’s dividend payout ratio is currently 20.06%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a report on Thursday, February 1st. Truist Financial reduced their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.00.

Read Our Latest Stock Report on Avnet

About Avnet

(Free Report)

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.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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