Rhumbline Advisers Has $11.82 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

Rhumbline Advisers cut its stake in Avnet, Inc. (NASDAQ:AVT) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 245,677 shares of the company’s stock after selling 6,229 shares during the period. Rhumbline Advisers owned approximately 0.29% of Avnet worth $11,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVT. Norges Bank acquired a new stake in shares of Avnet in the fourth quarter valued at approximately $52,924,000. Woodline Partners LP acquired a new position in Avnet in the fourth quarter valued at about $38,097,000. Raymond James Financial Inc. bought a new stake in shares of Avnet during the 4th quarter worth approximately $32,676,000. Bank of America Corp DE lifted its position in shares of Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company’s stock worth $36,726,000 after buying an additional 421,098 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company’s stock valued at $46,875,000 after acquiring an additional 180,134 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the transaction, the vice president now directly owns 14,626 shares of the company’s stock, valued at $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

Avnet Stock Performance

Shares of AVT opened at $51.56 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The stock has a 50 day moving average price of $48.87 and a two-hundred day moving average price of $50.64. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The firm has a market capitalization of $4.32 billion, a P/E ratio of 14.61, a P/E/G ratio of 1.13 and a beta of 1.02.

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

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Wednesday, June 4th. Avnet’s payout ratio is currently 36.97%.

Analyst Ratings Changes

A number of brokerages have recently commented on AVT. Wells Fargo & Company cut their price target on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Thursday, May 1st. Truist Financial dropped their target price on shares of Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st.

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.