Fifth Third Bancorp Sells 239 Shares of Avnet, Inc. (NASDAQ:AVT)

Fifth Third Bancorp reduced its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 27.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 617 shares of the company’s stock after selling 239 shares during the quarter. Fifth Third Bancorp’s holdings in Avnet were worth $32,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of AVT. Capital Performance Advisors LLP bought a new position in shares of Avnet during the 3rd quarter valued at about $51,000. GAMMA Investing LLC lifted its stake in Avnet by 20.2% in the third quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock worth $100,000 after purchasing an additional 309 shares during the last quarter. Blue Trust Inc. boosted its holdings in Avnet by 29.3% during the 3rd quarter. Blue Trust Inc. now owns 3,874 shares of the company’s stock valued at $199,000 after acquiring an additional 879 shares during the period. DekaBank Deutsche Girozentrale grew its position in Avnet by 442.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock valued at $200,000 after acquiring an additional 3,015 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new position in Avnet in the 3rd quarter worth about $209,000. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Up 0.5 %

Shares of Avnet stock opened at $51.66 on Monday. The firm’s 50-day moving average price is $53.35 and its 200 day moving average price is $53.44. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $4.49 billion, a PE ratio of 14.63, a P/E/G ratio of 0.99 and a beta of 1.14.

Avnet (NASDAQ:AVT) last issued its 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 net margin of 1.41% and a return on equity of 7.44%. On average, sell-side analysts predict that Avnet, Inc. will post 4.1 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Wednesday, December 4th. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AVT. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $58.00 to $48.00 in a report on Thursday. Truist Financial decreased their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday.

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.