Intech Investment Management LLC Sells 1,354 Shares of Avnet, Inc. (NASDAQ:AVT)

Intech Investment Management LLC reduced its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 25.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,977 shares of the company’s stock after selling 1,354 shares during the period. Intech Investment Management LLC’s holdings in Avnet were worth $216,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Ontario Teachers Pension Plan Board purchased a new position in shares of Avnet in the third quarter worth about $209,000. Pathstone Holdings LLC increased its stake in Avnet by 1.5% in the 3rd quarter. Pathstone Holdings LLC now owns 51,247 shares of the company’s stock worth $2,783,000 after purchasing an additional 769 shares during the period. Natixis Advisors LLC increased its stake in Avnet by 10.1% in the 3rd quarter. Natixis Advisors LLC now owns 14,243 shares of the company’s stock worth $774,000 after purchasing an additional 1,302 shares during the period. MQS Management LLC purchased a new stake in shares of Avnet during the third quarter valued at approximately $477,000. Finally, GSA Capital Partners LLP bought a new position in shares of Avnet in the third quarter worth approximately $676,000. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on AVT. Wells Fargo & Company raised their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th. Stifel Nicolaus boosted their target price on Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Truist Financial upped their target price on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th.

Avnet Price Performance

Shares of NASDAQ AVT opened at $54.21 on Friday. The company has a 50 day moving average of $54.50 and a 200 day moving average of $53.43. 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 twelve month low of $43.62 and a twelve month high of $59.24. The firm has a market cap of $4.71 billion, a P/E ratio of 14.19, a PEG ratio of 1.04 and a beta of 1.14.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter in the prior year, the business earned $1.61 EPS. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, research analysts expect that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Dividend Announcement

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

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.