Avnet, Inc. (NASDAQ:AVT) Stake Lessened by Sei Investments Co.

Sei Investments Co. trimmed its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 7.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 573,350 shares of the company’s stock after selling 46,110 shares during the quarter. Sei Investments Co. owned approximately 0.66% of Avnet worth $29,998,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its position in shares of Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company’s stock worth $183,247,000 after acquiring an additional 72,715 shares in the last quarter. Harvest Fund Management Co. Ltd increased its stake in Avnet by 1,768.1% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company’s stock valued at $113,000 after purchasing an additional 2,051 shares during the last quarter. Xponance Inc. raised its holdings in shares of Avnet by 14.7% during the fourth quarter. Xponance Inc. now owns 13,621 shares of the company’s stock worth $713,000 after purchasing an additional 1,744 shares during the period. Boston Partners raised its holdings in shares of Avnet by 5.2% during the fourth quarter. Boston Partners now owns 855,519 shares of the company’s stock worth $45,096,000 after purchasing an additional 42,302 shares during the period. Finally, William Blair Investment Management LLC lifted its position in shares of Avnet by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 733,566 shares of the company’s stock worth $38,380,000 after buying an additional 17,685 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Avnet Trading Down 0.6 %

Avnet stock opened at $48.80 on Wednesday. Avnet, Inc. has a 52-week low of $46.24 and a 52-week high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.13 and a beta of 1.09. The firm has a 50-day moving average price of $50.69 and a two-hundred day moving average price of $52.56.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. Sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.70%. Avnet’s payout ratio is 37.39%.

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.