Brandywine Global Investment Management LLC Lowers Stake in Avnet, Inc. (NASDAQ:AVT)

Brandywine Global Investment Management LLC reduced its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 3.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 305,997 shares of the company’s stock after selling 12,199 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.35% of Avnet worth $16,010,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AVT. FMR LLC boosted its holdings in shares of Avnet by 24.7% in the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares in the last quarter. CreativeOne Wealth LLC lifted its position in Avnet by 21.7% in the 3rd quarter. CreativeOne Wealth LLC now owns 7,979 shares of the company’s stock worth $433,000 after buying an additional 1,421 shares during the last quarter. Captrust Financial Advisors boosted its stake in Avnet by 10.0% in the third quarter. Captrust Financial Advisors now owns 12,717 shares of the company’s stock worth $691,000 after buying an additional 1,158 shares in the last quarter. Verition Fund Management LLC grew its position in Avnet by 206.2% during the third quarter. Verition Fund Management LLC now owns 18,798 shares of the company’s stock valued at $1,021,000 after acquiring an additional 12,659 shares during the last quarter. Finally, ClearAlpha Technologies LP raised its stake in shares of Avnet by 81.7% during the third quarter. ClearAlpha Technologies LP now owns 20,012 shares of the company’s stock worth $1,087,000 after acquiring an additional 8,998 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Truist Financial cut their price objective on shares of 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 cut their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Trading Down 1.6 %

Avnet stock opened at $47.19 on Monday. Avnet, Inc. has a 12 month low of $46.24 and a 12 month high of $59.24. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The business’s fifty day simple moving average is $50.38 and its two-hundred day simple moving average is $52.52. The company has a market capitalization 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 announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share 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 analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date was Wednesday, March 5th. Avnet’s payout ratio is currently 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.