Victory Capital Management Inc. Sells 30,916 Shares of Avnet, Inc. (NASDAQ:AVT)

Victory Capital Management Inc. trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 9.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 301,089 shares of the company’s stock after selling 30,916 shares during the quarter. Victory Capital Management Inc.’s holdings in Avnet were worth $16,352,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after acquiring an additional 214 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Avnet during the 3rd quarter valued at about $51,000. nVerses Capital LLC bought a new position in Avnet during the 2nd quarter valued at about $77,000. Versant Capital Management Inc raised its position in Avnet by 729.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after purchasing an additional 1,350 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Down 1.2 %

Shares of NASDAQ:AVT opened at $52.26 on Wednesday. The business’s 50 day moving average is $53.85 and its 200 day moving average is $53.24. The stock has a market cap of $4.54 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 0.99 and a beta of 1.16. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter last year, the firm posted $1.61 earnings per share. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. Sell-side analysts predict that Avnet, Inc. will post 4.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AVT. Wells Fargo & Company increased their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Truist Financial lifted their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th.

Avnet 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.