Mutual of America Capital Management LLC Decreases Position in Avnet, Inc. (NASDAQ:AVT)

Mutual of America Capital Management LLC trimmed its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 3.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,521 shares of the company’s stock after selling 1,405 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of Avnet worth $2,141,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Ballentine Partners LLC purchased a new position in shares of Avnet during the first quarter valued at approximately $390,000. Xponance Inc. grew its position in Avnet by 19.7% during the first quarter. Xponance Inc. now owns 16,303 shares of the company’s stock valued at $784,000 after buying an additional 2,682 shares during the period. Alps Advisors Inc. grew its position in Avnet by 7.8% during the first quarter. Alps Advisors Inc. now owns 364,414 shares of the company’s stock valued at $17,525,000 after buying an additional 26,264 shares during the period. DekaBank Deutsche Girozentrale grew its position in Avnet by 7.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 3,972 shares of the company’s stock valued at $185,000 after buying an additional 275 shares during the period. Finally, Crossmark Global Holdings Inc. grew its position in Avnet by 5.4% during the first quarter. Crossmark Global Holdings Inc. now owns 235,155 shares of the company’s stock valued at $11,309,000 after buying an additional 12,103 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on AVT. Wells Fargo & Company dropped their price target on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Truist Financial reduced their target price 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.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were 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 directly owned 14,626 shares of the company’s stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by insiders.

Avnet Stock Down 0.3%

NASDAQ:AVT opened at $55.00 on Friday. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The stock has a market capitalization of $4.61 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.20 and a beta of 1.03. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. The company’s 50-day simple moving average is $52.45 and its 200-day simple moving average is $50.60.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same period last year, the business earned $1.10 EPS. The company’s revenue was down 6.0% compared to the same quarter last year. On average, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Wednesday, June 4th. Avnet’s payout ratio is currently 36.97%.

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.