Avnet, Inc. (NASDAQ:AVT) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 214,858 shares of the company's stock after selling 11,938 shares during the period. Legal & General Group Plc owned 0.25% of Avnet worth $11,241,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Securities Inc. grew 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 acquiring an additional 211 shares in the last quarter. World Investment Advisors grew its holdings in shares of Avnet by 3.7% in the fourth quarter. World Investment Advisors now owns 7,223 shares of the company's stock valued at $378,000 after purchasing an additional 255 shares in the last quarter. Highland Capital Management LLC increased its stake in Avnet by 6.6% during the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company's stock worth $222,000 after buying an additional 261 shares during the period. Quadrant Capital Group LLC lifted its holdings in Avnet by 30.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock worth $76,000 after buying an additional 340 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock valued at $114,000 after buying an additional 341 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Down 1.2 %

NASDAQ:AVT traded down $0.56 during midday trading on Monday, hitting $46.64. 344,653 shares of the company were exchanged, compared to its average volume of 729,388. The company has a fifty day simple moving average of $48.17 and a 200 day simple moving average of $51.67. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a market capitalization of $4.03 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04.

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 return on equity of 7.49% and a net margin of 1.41%. As a group, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio (DPR) is presently 37.39%.

Analysts Set New Price Targets

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

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.