Avnet, Inc. (NASDAQ:AVT) Shares Sold by Cerity Partners LLC

Cerity Partners LLC cut its holdings in Avnet, Inc. (NASDAQ:AVT) by 5.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,467 shares of the company’s stock after selling 515 shares during the period. Cerity Partners LLC’s holdings in Avnet were worth $460,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in AVT. TCW Group Inc. increased its position in shares of Avnet by 72.5% during the second quarter. TCW Group Inc. now owns 58,611 shares of the company’s stock valued at $3,018,000 after acquiring an additional 24,636 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Avnet by 8.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 159,985 shares of the company’s stock valued at $8,238,000 after acquiring an additional 12,238 shares in the last quarter. Kendall Capital Management grew its holdings in shares of Avnet by 21.2% in the second quarter. Kendall Capital Management now owns 118,843 shares of the company’s stock valued at $6,119,000 after purchasing an additional 20,810 shares in the last quarter. Federated Hermes Inc. increased its stake in Avnet by 46.8% during the 2nd quarter. Federated Hermes Inc. now owns 40,231 shares of the company’s stock worth $2,071,000 after buying an additional 12,832 shares during the period. Finally, Great Lakes Advisors LLC lifted its holdings in Avnet by 2,607.9% during the 2nd quarter. Great Lakes Advisors LLC now owns 163,449 shares of the company’s stock worth $8,416,000 after buying an additional 157,413 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

NASDAQ:AVT opened at $54.21 on Monday. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The company has a fifty day simple moving average of $54.50 and a two-hundred day simple moving average of $53.41. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The company has a market cap of $4.71 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14.

Avnet (NASDAQ:AVT) last released its 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. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. Avnet’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.61 EPS. As a group, equities analysts anticipate that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is presently 34.56%.

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.