Swiss National Bank Reduces Position in Avnet, Inc. (NASDAQ:AVT)

Swiss National Bank decreased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 2.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 168,400 shares of the company’s stock after selling 3,400 shares during the quarter. Swiss National Bank’s holdings in Avnet were worth $8,098,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AVT. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avnet in the first quarter valued at $49,000. Deutsche Bank AG grew its position in shares of Avnet by 9.8% in the fourth quarter. Deutsche Bank AG now owns 29,843 shares of the company’s stock valued at $1,561,000 after purchasing an additional 2,655 shares during the period. Barclays PLC grew its position in shares of Avnet by 2.4% in the fourth quarter. Barclays PLC now owns 94,036 shares of the company’s stock valued at $4,920,000 after purchasing an additional 2,194 shares during the period. Jane Street Group LLC grew its position in shares of Avnet by 245.8% in the fourth quarter. Jane Street Group LLC now owns 45,351 shares of the company’s stock valued at $2,373,000 after purchasing an additional 32,235 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Avnet by 4,565.4% in the first quarter. GAMMA Investing LLC now owns 101,566 shares of the company’s stock valued at $4,884,000 after purchasing an additional 99,389 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

AVT has been the subject of a number of recent analyst reports. Truist Financial lifted their price objective on Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Bank of America lifted their target price on Avnet from $48.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, August 11th. Finally, Wells Fargo & Company reduced their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Thursday, May 1st.

Avnet Price Performance

Shares of Avnet stock opened at $53.47 on Friday. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The stock has a market capitalization of $4.48 billion, a P/E ratio of 19.59, a PEG ratio of 0.38 and a beta of 1.06. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average price is $53.43 and its 200 day moving average price is $50.67.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%. The firm had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter last year, the firm earned $1.22 earnings per share. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

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.