Rhumbline Advisers Sells 1,743 Shares of Avnet, Inc. (NASDAQ:AVT)

Rhumbline Advisers decreased its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 0.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 251,906 shares of the company’s stock after selling 1,743 shares during the period. Rhumbline Advisers owned 0.29% of Avnet worth $13,180,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Empowered Funds LLC purchased a new position in shares of Avnet during the 4th quarter worth approximately $390,000. Longboard Asset Management LP purchased a new position in shares of Avnet during the 4th quarter worth approximately $207,000. EMC Capital Management grew its holdings in shares of Avnet by 62.7% during the 4th quarter. EMC Capital Management now owns 9,149 shares of the company’s stock worth $479,000 after acquiring an additional 3,526 shares during the period. Highland Capital Management LLC grew its holdings in shares of 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 acquiring an additional 261 shares during the period. Finally, Foster & Motley Inc. grew its stake in shares of Avnet by 0.7% in the 4th quarter. Foster & Motley Inc. now owns 130,816 shares of the company’s stock worth $6,844,000 after buying an additional 856 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Truist Financial cut their price target on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, January 30th. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and cut their target price for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

Avnet Stock Performance

Shares of AVT opened at $51.85 on Friday. The business’s fifty day simple moving average is $52.20 and its two-hundred day simple moving average is $53.27. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 1.15 and a beta of 1.13. 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 12 month low of $45.45 and a 12 month high of $59.24.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share 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%. Research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.55%. Avnet’s payout ratio is 37.39%.

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.