First Eagle Investment Management LLC Sells 7,866 Shares of Avnet, Inc. (NASDAQ:AVT)

First Eagle Investment Management LLC cut its position in Avnet, Inc. (NASDAQ:AVT) by 4.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 153,692 shares of the company’s stock after selling 7,866 shares during the period. First Eagle Investment Management LLC’s holdings in Avnet were worth $8,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Atala Financial Inc bought a new stake in shares of Avnet in the fourth quarter valued at $282,000. Commonwealth Equity Services LLC bought a new stake in shares of Avnet in the fourth quarter valued at $311,000. Vestcor Inc raised its stake in shares of Avnet by 25.7% in the fourth quarter. Vestcor Inc now owns 31,134 shares of the company’s stock valued at $1,629,000 after buying an additional 6,370 shares during the period. Avantax Advisory Services Inc. bought a new stake in shares of Avnet in the fourth quarter valued at $300,000. Finally, HighTower Advisors LLC raised its stake in shares of Avnet by 14.4% in the fourth quarter. HighTower Advisors LLC now owns 10,085 shares of the company’s stock valued at $528,000 after buying an additional 1,269 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Price Performance

Shares of NASDAQ AVT opened at $47.79 on Friday. The stock has a market cap of $4.13 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $59.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The stock has a fifty day moving average of $51.17 and a 200-day moving average of $52.82.

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

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.76%. The ex-dividend date is Wednesday, March 5th. Avnet’s payout ratio is 37.39%.

Wall Street Analyst Weigh In

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

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.