American International Group Inc. Decreases Position in Avnet, Inc. (NASDAQ:AVT)

American International Group Inc. reduced its stake in Avnet, Inc. (NASDAQ:AVT) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,228 shares of the company’s stock after selling 6,538 shares during the quarter. American International Group Inc. owned about 0.14% of Avnet worth $6,160,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AVT. Venturi Wealth Management LLC lifted its position in Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after buying an additional 208 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in Avnet during the fourth quarter worth about $40,000. GAMMA Investing LLC acquired a new stake in Avnet during the fourth quarter worth about $63,000. Quadrant Capital Group LLC increased its stake in Avnet by 40.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after acquiring an additional 420 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in Avnet by 19.1% during the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock worth $79,000 after acquiring an additional 265 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Truist Financial dropped their price target on Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, Avnet presently has an average rating of “Hold” and an average price target of $45.00.

Insider Activity

In related news, CEO Philip R. Gallagher sold 19,532 shares of Avnet stock in a transaction on Friday, May 10th. The stock was sold at an average price of $51.63, for a total value of $1,008,437.16. Following the transaction, the chief executive officer now directly owns 140,792 shares in the company, valued at approximately $7,269,090.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Philip R. Gallagher sold 19,532 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $51.63, for a total value of $1,008,437.16. Following the completion of the sale, the chief executive officer now owns 140,792 shares of the company’s stock, valued at $7,269,090.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carlo Bozotti sold 9,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total value of $489,600.00. Following the completion of the sale, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,532 shares of company stock worth $3,544,957. 1.30% of the stock is owned by company insiders.

Avnet Trading Up 0.2 %

Shares of NASDAQ AVT opened at $52.40 on Friday. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 8.48 and a beta of 1.19. Avnet, Inc. has a 12-month low of $42.67 and a 12-month high of $55.46. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The stock’s 50 day simple moving average is $51.70 and its 200 day simple moving average is $48.97.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the business earned $2.00 earnings per share. The firm’s revenue was down 13.2% compared to the same quarter last year. Equities research analysts expect that Avnet, Inc. will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Wednesday, June 5th. Avnet’s dividend payout ratio (DPR) is presently 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.