Amundi Sells 21,697 Shares of Avnet, Inc. (NASDAQ:AVT)

Amundi lessened its holdings in Avnet, Inc. (NASDAQ:AVT) by 42.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 29,179 shares of the company’s stock after selling 21,697 shares during the period. Amundi’s holdings in Avnet were worth $1,511,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AVT. Synergy Investment Management LLC bought a new position in shares of Avnet during the 4th quarter worth $38,000. Principal Securities Inc. grew its position in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after buying an additional 211 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Avnet by 18.6% during the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock worth $114,000 after buying an additional 341 shares in the last quarter. KBC Group NV grew its position in shares of Avnet by 55.7% during the 4th quarter. KBC Group NV now owns 3,356 shares of the company’s stock worth $176,000 after buying an additional 1,200 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Avnet during the 3rd quarter worth $209,000. Institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Bank of America downgraded 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 dropped their price target on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th.

Avnet Price Performance

Shares of AVT stock opened at $48.60 on Wednesday. The stock’s 50-day moving average is $51.01 and its 200 day moving average is $52.70. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 1-year low of $45.50 and a 1-year high of $59.24. The company has a market cap of $4.20 billion, a P/E ratio of 13.77, a PEG ratio of 1.13 and a beta of 1.09.

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

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s payout ratio is 37.39%.

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.