Neo Ivy Capital Management Cuts Holdings in Avnet, Inc. (NASDAQ:AVT)

Neo Ivy Capital Management decreased its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 73.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,218 shares of the company's stock after selling 52,838 shares during the quarter. Neo Ivy Capital Management's holdings in Avnet were worth $1,044,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of AVT. Fifth Third Bancorp boosted its stake in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company's stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Avnet by 4.2% during the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company's stock valued at $280,000 after purchasing an additional 219 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in Avnet by 5.1% during the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company's stock valued at $246,000 after buying an additional 222 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in Avnet by 3.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company's stock worth $361,000 after purchasing an additional 223 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Avnet by 4.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,128 shares of the company's stock valued at $367,000 after purchasing an additional 278 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Stock Performance

AVT traded up $0.19 during midday trading on Thursday, reaching $54.39. The company had a trading volume of 499,999 shares, compared to its average volume of 600,517. The business has a 50-day moving average of $54.56 and a two-hundred day moving average of $53.42. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a 1 year low of $43.62 and a 1 year high of $59.24. The company has a market cap of $4.73 billion, a P/E ratio of 14.24, a P/E/G ratio of 1.01 and a beta of 1.14.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to analysts' expectations of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm's revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.61 EPS. As a group, equities research analysts predict that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. Avnet's payout ratio is presently 34.55%.

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.