Avnet, Inc. (NASDAQ:AVT) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its position in shares of Avnet, Inc. (NASDAQ:AVT) by 64.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,300 shares of the company’s stock after selling 20,799 shares during the quarter. BNP Paribas Financial Markets’ holdings in Avnet were worth $591,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its stake in Avnet by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company’s stock valued at $2,837,000 after buying an additional 7,800 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after buying an additional 1,101 shares during the last quarter. Barclays PLC grew its holdings in Avnet by 87.6% during the third quarter. Barclays PLC now owns 91,842 shares of the company’s stock valued at $4,988,000 after purchasing an additional 42,880 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after purchasing an additional 2,816,889 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Avnet by 245.8% during the fourth quarter. Jane Street Group LLC now owns 45,351 shares of the company’s stock valued at $2,373,000 after purchasing an additional 32,235 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the transaction, the vice president now owns 14,626 shares of the company’s stock, valued at $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.50% of the stock is owned by company insiders.

Avnet Stock Down 0.9%

Shares of NASDAQ AVT opened at $49.72 on Friday. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $48.35 and its 200 day simple moving average is $50.98.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.12. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The company’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.10 EPS. On average, research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.65%. Avnet’s dividend payout ratio (DPR) is presently 36.97%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered their price objective on shares of Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company reduced their target price on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research note on Thursday, May 1st. Finally, Bank of America downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

About Avnet

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.