ARGA Investment Management LP Sells 138,361 Shares of Avnet, Inc. (NASDAQ:AVT)

ARGA Investment Management LP lessened its holdings in Avnet, Inc. (NASDAQ:AVT) by 94.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,757 shares of the company’s stock after selling 138,361 shares during the quarter. ARGA Investment Management LP’s holdings in Avnet were worth $458,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Greenhaven Associates Inc. boosted its stake in Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock valued at $207,336,000 after acquiring an additional 38,185 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after purchasing an additional 2,816,889 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Avnet by 204.6% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock worth $37,489,000 after purchasing an additional 463,660 shares during the last quarter. FMR LLC grew its stake in shares of Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares during the period. Finally, Weiss Asset Management LP grew its stake in shares of Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after purchasing an additional 66,973 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of Avnet stock opened at $49.99 on Wednesday. The stock’s fifty day simple moving average is $53.14 and its 200 day simple moving average is $53.40. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.35 billion, a PE ratio of 14.16, a PEG ratio of 1.01 and a beta of 1.13. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. On average, research analysts predict that Avnet, Inc. will post 3.82 EPS for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial cut their target price on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, January 30th. Bank of America downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th.

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.