River Global Investors LLP Reduces Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

River Global Investors LLP lowered its position in Avnet, Inc. (NASDAQ:AVT) by 32.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,251 shares of the company’s stock after selling 8,706 shares during the quarter. River Global Investors LLP’s holdings in Avnet were worth $920,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. CWM LLC boosted its stake in Avnet by 330.2% during the third quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after buying an additional 492 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Avnet by 1.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 75,988 shares of the company’s stock worth $3,662,000 after buying an additional 1,255 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Avnet by 18.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,389 shares of the company’s stock worth $983,000 after buying an additional 3,200 shares during the period. Strs Ohio boosted its stake in Avnet by 16.7% during the third quarter. Strs Ohio now owns 43,444 shares of the company’s stock worth $2,093,000 after buying an additional 6,205 shares during the period. Finally, Advisor Partners II LLC boosted its stake in Avnet by 12.2% during the third quarter. Advisor Partners II LLC now owns 4,608 shares of the company’s stock worth $222,000 after buying an additional 502 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 1.6 %

AVT stock traded up $0.77 during midday trading on Friday, reaching $49.41. 746,177 shares of the company were exchanged, compared to its average volume of 581,849. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. Avnet, Inc. has a 1-year low of $40.44 and a 1-year high of $51.65. The stock’s 50-day simple moving average is $47.92 and its 200 day simple moving average is $47.40. The company has a market cap of $4.46 billion, a price-to-earnings ratio of 8.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.21.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.00 EPS. On average, equities analysts forecast that Avnet, Inc. will post 5.19 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.51%. Avnet’s dividend payout ratio (DPR) is presently 20.06%.

Wall Street Analysts Forecast Growth

AVT has been the subject of several research analyst reports. Truist Financial lowered their target price on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research note on Thursday. The Goldman Sachs Group lowered their target price on shares of Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, Avnet currently has a consensus rating of “Hold” and a consensus price target of $45.00.

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.