Avnet, Inc. (NASDAQ:AVT) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its position in Avnet, Inc. (NASDAQ:AVT) by 0.6% during the fourth quarter, Holdings Channel reports. The firm owned 52,912 shares of the company’s stock after selling 320 shares during the period. State of Alaska Department of Revenue’s holdings in Avnet were worth $2,767,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Avnet by 20.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock worth $100,000 after buying an additional 309 shares during the period. CWM LLC raised its holdings in shares of Avnet by 58.8% during the third quarter. CWM LLC now owns 8,463 shares of the company’s stock worth $460,000 after purchasing an additional 3,132 shares during the last quarter. Creative Planning lifted its position in Avnet by 7.3% during the third quarter. Creative Planning now owns 20,965 shares of the company’s stock valued at $1,139,000 after purchasing an additional 1,426 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in Avnet in the third quarter valued at $261,000. Finally, Net Worth Advisory Group acquired a new stake in Avnet during the 3rd quarter worth about $311,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Avnet Trading Down 1.0 %

AVT stock opened at $50.00 on Monday. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24. The business’s 50-day moving average is $52.90 and its 200 day moving average is $53.34. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.06 and a beta of 1.13.

Avnet (NASDAQ:AVT) last issued its 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%. On average, sell-side analysts anticipate that Avnet, Inc. will post 3.57 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend was Wednesday, December 4th. Avnet’s payout ratio is presently 37.39%.

Avnet 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.