Vanguard Group Inc. Sells 143,471 Shares of Avnet, Inc. (NASDAQ:AVT)

Vanguard Group Inc. lowered its stake in Avnet, Inc. (NASDAQ:AVT) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,820,324 shares of the company’s stock after selling 143,471 shares during the period. Vanguard Group Inc. owned 12.51% of Avnet worth $520,349,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in AVT. Legacy Advisors LLC purchased a new position in Avnet during the first quarter valued at $26,000. GeoWealth Management LLC purchased a new position in Avnet during the fourth quarter valued at $31,000. Natixis lifted its position in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company’s stock valued at $38,000 after buying an additional 688 shares during the period. TD Private Client Wealth LLC lifted its position in Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock valued at $39,000 after buying an additional 246 shares during the period. Finally, Curat Global LLC purchased a new position in Avnet during the first quarter valued at $42,000. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lowered their price target on 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 lifted their price target on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Finally, Bank of America lifted their price target on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday.

Avnet Price Performance

AVT opened at $54.11 on Friday. The stock has a 50-day moving average price of $53.38 and a 200-day moving average price of $50.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The firm has a market cap of $4.54 billion, a PE ratio of 19.82, a P/E/G ratio of 0.39 and a beta of 1.06. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%. The firm had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the previous year, the firm earned $1.22 EPS. Avnet’s quarterly revenue was up 1.0% compared to the same quarter last year. Sell-side analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

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.