Yousif Capital Management LLC Cuts Position in Avnet, Inc. (NASDAQ:AVT)

Yousif Capital Management LLC lessened its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 2.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,233 shares of the company’s stock after selling 950 shares during the quarter. Yousif Capital Management LLC’s holdings in Avnet were worth $1,694,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Avnet during the 4th quarter valued at $52,924,000. Woodline Partners LP purchased a new stake in Avnet in the 4th quarter valued at $38,097,000. Raymond James Financial Inc. bought a new position in shares of Avnet in the fourth quarter valued at approximately $32,676,000. Bank of America Corp DE increased its holdings in Avnet by 149.9% during the fourth 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 raised its stake in shares of Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company’s stock valued at $46,875,000 after buying an additional 180,134 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Trading Up 2.0%

Shares of AVT opened at $51.51 on Tuesday. The firm has a fifty day simple moving average of $49.78 and a two-hundred day simple moving average of $50.53. The stock has a market capitalization of $4.32 billion, a P/E ratio of 14.59, a PEG ratio of 1.13 and a beta of 1.02. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

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

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.56%. The ex-dividend date is Wednesday, June 4th. Avnet’s dividend payout ratio (DPR) is 36.97%.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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