LSV Asset Management Sells 77,550 Shares of Avnet, Inc. (NASDAQ:AVT)

LSV Asset Management lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 2.5% in the fourth quarter, Holdings Channel reports. The firm owned 2,999,918 shares of the company’s stock after selling 77,550 shares during the period. LSV Asset Management’s holdings in Avnet were worth $151,196,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. Vanguard Group Inc. lifted its position in shares of Avnet by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after acquiring an additional 135,171 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of Avnet by 0.5% during the 3rd quarter. Pzena Investment Management LLC now owns 8,730,260 shares of the company’s stock worth $420,711,000 after acquiring an additional 42,234 shares during the period. Greenhaven Associates Inc. lifted its holdings in shares of Avnet by 1.7% during the 4th quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company’s stock worth $193,274,000 after acquiring an additional 62,710 shares during the period. Invesco Ltd. boosted its position in shares of Avnet by 51.2% during the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock valued at $73,306,000 after acquiring an additional 515,095 shares in the last quarter. Finally, Earnest Partners LLC lifted its stake in Avnet by 3.4% during the third quarter. Earnest Partners LLC now owns 1,420,388 shares of the company’s stock worth $68,448,000 after purchasing an additional 46,044 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVT. Truist Financial dropped their target price on Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a report on Thursday. The Goldman Sachs Group decreased their price target on shares of Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $45.00.

Avnet Stock Up 1.6 %

Shares of NASDAQ:AVT traded up $0.77 during midday trading on Friday, hitting $49.41. The stock had a trading volume of 746,177 shares, compared to its average volume of 581,849. The business’s 50-day simple moving average is $47.92 and its 200-day simple moving average is $47.40. Avnet, Inc. has a 12 month low of $40.44 and a 12 month high of $51.65. The company has a market cap of $4.46 billion, a P/E ratio of 8.00, a PEG ratio of 0.65 and a beta of 1.21. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. Avnet’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.00 earnings per share. On average, sell-side analysts forecast that Avnet, Inc. will post 5.19 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet’s dividend payout ratio is 20.06%.

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.