Rhumbline Advisers Sells 1,743 Shares of Avnet, Inc. (NASDAQ:AVT)

Rhumbline Advisers reduced its stake in Avnet, Inc. (NASDAQ:AVT) by 0.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 251,906 shares of the company’s stock after selling 1,743 shares during the quarter. Rhumbline Advisers’ holdings in Avnet were worth $13,180,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC raised its holdings in Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company’s stock valued at $31,326,000 after acquiring an additional 114,217 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after purchasing an additional 148,588 shares in the last quarter. Weiss Asset Management LP grew its position in shares of Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after purchasing an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. grew its position in Avnet by 13.2% in the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock worth $13,213,000 after acquiring an additional 28,453 shares in the last quarter. Finally, Park Avenue Securities LLC grew its position in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after acquiring an additional 1,101 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial decreased their price objective on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research note on Thursday, January 30th.

Avnet Stock Down 1.3 %

Shares of NASDAQ AVT opened at $51.85 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The company has a market cap of $4.49 billion, a P/E ratio of 14.69, a PEG ratio of 1.15 and a beta of 1.13. Avnet, Inc. has a 1 year low of $45.45 and a 1 year high of $59.24. The firm has a 50-day simple moving average of $52.20 and a two-hundred day simple moving average of $53.27.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. Research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Wednesday, March 5th. Avnet’s dividend payout ratio is presently 37.39%.

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.