Sei Investments Co. Reduces Position in Avnet, Inc. (NASDAQ:AVT)

Sei Investments Co. lowered its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 7.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 573,350 shares of the company's stock after selling 46,110 shares during the quarter. Sei Investments Co. owned 0.66% of Avnet worth $29,998,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Synergy Investment Management LLC purchased a new stake in shares of Avnet during the fourth quarter valued at $38,000. Principal Securities Inc. boosted its position in Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock valued at $72,000 after buying an additional 211 shares during the period. Harvest Fund Management Co. Ltd grew its stake in Avnet by 1,768.1% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company's stock worth $113,000 after acquiring an additional 2,051 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock worth $114,000 after acquiring an additional 341 shares during the period. Finally, KBC Group NV raised its stake in shares of Avnet by 55.7% during the fourth quarter. KBC Group NV now owns 3,356 shares of the company's stock valued at $176,000 after acquiring an additional 1,200 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Stock Down 1.6 %

AVT stock traded down $0.78 during trading on Friday, reaching $47.19. 706,502 shares of the company traded hands, compared to its average volume of 690,553. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The business has a 50 day simple moving average of $50.38 and a 200 day simple moving average of $52.50. Avnet, Inc. has a 12 month low of $46.24 and a 12 month high of $59.24.

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Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share 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, equities research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet's payout ratio is presently 37.39%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Bank of America cut Avnet from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $58.00 to $48.00 in a research note 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 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.