Avnet, Inc. (NASDAQ:AVT) Shares Sold by First Eagle Investment Management LLC

First Eagle Investment Management LLC trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,692 shares of the company's stock after selling 7,866 shares during the quarter. First Eagle Investment Management LLC owned 0.18% of Avnet worth $8,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVT. State of New Jersey Common Pension Fund D grew its stake in Avnet by 3.5% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 36,052 shares of the company's stock worth $1,958,000 after buying an additional 1,210 shares during the last quarter. Versor Investments LP purchased a new position in Avnet during the 3rd quarter worth $358,000. GSA Capital Partners LLP purchased a new position in Avnet during the 3rd quarter worth $676,000. Natixis Advisors LLC lifted its position in Avnet by 10.1% during the 3rd quarter. Natixis Advisors LLC now owns 14,243 shares of the company's stock worth $774,000 after acquiring an additional 1,302 shares during the period. Finally, Pathstone Holdings LLC lifted its position in Avnet by 1.5% during the 3rd quarter. Pathstone Holdings LLC now owns 51,247 shares of the company's stock worth $2,783,000 after acquiring an additional 769 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVT has been the subject of a number of research reports. Bank of America cut Avnet from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial lowered their price target on Avnet from $54.00 to $52.00 and set a "hold" rating for the company in a research report on Thursday, January 30th.

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Avnet Stock Performance

AVT traded up $0.74 on Wednesday, reaching $49.34. 726,760 shares of the stock were exchanged, compared to its average volume of 625,402. The firm has a market capitalization of $4.27 billion, a PE ratio of 13.98, a PEG ratio of 1.13 and a beta of 1.09. The company's 50-day moving average price is $51.01 and its 200 day moving average price 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 fifty-two week low of $45.50 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued 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 net margin of 1.41% and a return on equity of 7.49%. As a group, sell-side analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.68%. Avnet's dividend payout ratio (DPR) 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.