Avnet, Inc. (NASDAQ:AVT) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 9.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 301,089 shares of the company's stock after selling 30,916 shares during the period. Victory Capital Management Inc. owned approximately 0.34% of Avnet worth $16,352,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Fifth Third Bancorp raised its holdings in shares of Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company's stock valued at $42,000 after acquiring an additional 214 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Avnet during the third quarter valued at approximately $51,000. nVerses Capital LLC bought a new position in shares of Avnet during the second quarter valued at approximately $77,000. Versant Capital Management Inc raised its holdings in shares of Avnet by 729.7% during the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company's stock valued at $79,000 after acquiring an additional 1,350 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company's stock valued at $79,000 after acquiring an additional 620 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Price Performance

Shares of NASDAQ:AVT traded up $0.66 during midday trading on Wednesday, hitting $52.92. The company had a trading volume of 585,524 shares, compared to its average volume of 601,500. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 0.99 and a beta of 1.16. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The business's 50-day simple moving average is $53.90 and its 200-day simple moving average is $53.24.

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

Wall Street Analyst Weigh In

Several research firms recently commented on AVT. Wells Fargo & Company increased their price objective on Avnet from $40.00 to $45.00 and gave the company an "underweight" rating in a research report on Friday, August 9th. Truist Financial lifted their target price on Avnet from $48.00 to $52.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a report on Friday, August 9th.

Avnet Company 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.