Brandywine Global Investment Management LLC Sells 12,199 Shares of Avnet, Inc. (NASDAQ:AVT)

Brandywine Global Investment Management LLC lowered its position in Avnet, Inc. (NASDAQ:AVT) by 3.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 305,997 shares of the company’s stock after selling 12,199 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Avnet were worth $16,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Avnet by 24.7% during the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after acquiring an additional 114,217 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Avnet by 227.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after purchasing an additional 148,588 shares during the period. Weiss Asset Management LP lifted its position in Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after purchasing an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Avnet by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after purchasing an additional 28,453 shares during the period. Finally, Park Avenue Securities LLC raised its stake in shares of Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after buying an additional 1,101 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

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

Avnet Stock Performance

NASDAQ AVT opened at $47.19 on Monday. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a twelve month low of $46.24 and a twelve month high of $59.24. The business has a 50-day moving average price of $50.38 and a 200-day moving average price of $52.52. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09.

Avnet (NASDAQ:AVT) last posted its quarterly 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 return on equity of 7.49% and a net margin of 1.41%. As a group, equities research analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors 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 2.80%. Avnet’s payout ratio is 37.39%.

Avnet Company 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.