Bank of Nova Scotia Sells 596 Shares of Avnet, Inc. (NASDAQ:AVT)

Bank of Nova Scotia decreased its holdings in Avnet, Inc. (NASDAQ:AVTFree Report) by 6.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,435 shares of the company’s stock after selling 596 shares during the quarter. Bank of Nova Scotia’s holdings in Avnet were worth $425,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVT. Venturi Wealth Management LLC grew its stake in shares of Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after purchasing an additional 208 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Avnet by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 14,590 shares of the company’s stock valued at $735,000 after acquiring an additional 222 shares during the period. Parkside Financial Bank & Trust boosted its holdings in Avnet by 19.1% in the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock valued at $79,000 after acquiring an additional 265 shares during the last quarter. Crestwood Advisors Group LLC increased its position in Avnet by 1.4% in the fourth quarter. Crestwood Advisors Group LLC now owns 19,971 shares of the company’s stock worth $1,007,000 after purchasing an additional 277 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Avnet by 6.3% during the 3rd quarter. HighTower Advisors LLC now owns 6,248 shares of the company’s stock worth $299,000 after purchasing an additional 372 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Insider Buying and Selling

In other Avnet news, Director Carlo Bozotti sold 9,000 shares of Avnet stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the sale, the director now owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Carlo Bozotti sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $54.40, for a total transaction of $489,600.00. Following the completion of the transaction, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Philip R. Gallagher sold 30,000 shares of Avnet stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the sale, the chief executive officer now owns 139,709 shares in the company, valued at $7,507,961.66. The disclosure for this sale can be found here. Insiders have sold a total of 58,532 shares of company stock worth $3,110,237 over the last ninety days. Company insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Truist Financial lowered their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.00.

Check Out Our Latest Stock Report on AVT

Avnet Price Performance

Avnet stock opened at $53.43 on Friday. The firm has a market capitalization of $4.83 billion, a P/E ratio of 8.65 and a beta of 1.19. The business has a 50-day moving average of $50.91 and a 200-day moving average of $48.59. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. Avnet, Inc. has a 1 year low of $42.67 and a 1 year high of $55.46.

Avnet (NASDAQ:AVTGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the business posted $2.00 EPS. The business’s quarterly revenue was down 13.2% compared to the same quarter last year. On average, equities analysts anticipate that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Wednesday, June 5th. Avnet’s dividend payout ratio is 20.06%.

About Avnet

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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